Bernie bids to buy SAAB

[Rouleur]

http://news.bbc.co.uk/1/hi/business/8447365.stm

"Formula One boss Bernie Ecclestone is part of a bid to buy struggling Swedish carmaker Saab.

Mr Ecclestone has joined forces with Luxembourg-based private investment company, Genii Capital, which recently invested in Renault's Formula 1 team.

Loss-making Saab has been put up for sale by its current owner, US giant General Motors.

A second offer for Saab has also emerged, from the Dutch sports carmaker Spyker.

'Neglected' brand

Mr Ecclestone told the Bloomberg news agency that Saab was "a good brand".

"It's a good brand that has probably been neglected by the current owners," he said.

"We don't own it yet, so let's see what happens."

Genii added that it would "aggressively work towards a successful closing of the transaction with all the relevant stakeholders of the company".

Victor Muller, the chief executive of Spyker, said: "We believe the Saab brand has lots of potential and would be keen to close a deal as quickly as possible."

General Motors has been trying to sell Saab since January last year, and continues to say that it will close the business if no suitable deal is agreed.

Saab, which employs 3,400 people in Sweden, lost 3bn kronor (£255m; $412m) in 2008, and it has not made a profit since 2001.

A meeting of Saab board members will take place on Friday."



He's certainly unpredictable...

[stin]

Well I'd have been less shocked if he had been caught in a gang bang with Mad max, Flavio, Pat Symmonds and Eddie Jordan!!

[hairyben]

stin said:

Well I'd have been less shocked if he had been caught in a gang bang with Mad max, Flavio, Pat Symmonds and Eddie Jordan!!

Bernies a shrewd businessman, he has fingers in allsorts of pies. Plus the SAAB brand has potential, it's still respected, if he can pick it up on the cheap and install people to run it properly he could turn a tidy profit.

[Eric Mc]

He's bored flying around in common or garden biz jets. He wants one of these for personal transpotr -

[stin]

hairyben said:

stin said:

Well I'd have been less shocked if he had been caught in a gang bang with Mad max, Flavio, Pat Symmonds and Eddie Jordan!!

Bernies a shrewd businessman, he has fingers in allsorts of pies. Plus the SAAB brand has potential, it's still respected, if he can pick it up on the cheap and install people to run it properly he could turn a tidy profit.

Do you not think that I might have been being a tad facetious?!?!?

[Derek Smith]

It has probably got something to do with the affinity he feels for the SAAB convertible. Bit of the top coming off and all that.

[Project 644]

How long before the Cosworth engine is badged Saab? Will the Renault team become Saab F1?

[skwdenyer]

Project 644 said:

How long before the Cosworth engine is badged Saab? Will the Renault team become Saab F1?

It would make a lot more sense if it was; it is just a shame that the engines aren't turbocharged any longer.

[PiB]

hairyben said:

stin said:

Well I'd have been less shocked if he had been caught in a gang bang with Mad max, Flavio, Pat Symmonds and Eddie Jordan!!

Bernies a shrewd businessman, he has fingers in allsorts of pies. Plus the SAAB brand has potential, it's still respected, if he can pick it up on the cheap and install people to run it properly he could turn a tidy profit.

Aside from rounding up the TV rights to formula one and organizing the broadcasting, what other business venture has he been successful at? I would love to see a list because I cannot find anything on his wiki cv. Flavio Briatore is considerably more rounded as a business man. Bernie tried to get into magazines iirc and they failed. A business magazine and an F1 magazine.

That said he does seem to master personal and social relationships but half the time it doesn't matter. His words often smack him in the face but he's still the king of his fiefdom. He relishes his immunity.

I would be shocked if BE ended up owning any significant portion of the Saab car division. He's just trying to get more attention.