UPDATE: F1’s Ecclestone bids for Saab as GM begins to wind down business

UPDATE: General Motors has begun the process to close Saab, but has said it will also continue efforts to find a buyer for the Swedish carmaker.

Formula One boss Bernie Ecclestone has emerged as the latest bidder for Saab, as the Swedish car marque waits to hear of its fate.

Ecclestone is partnering with Luxembourg-based private investment company Genii Capital, which recently invested in Renault’s Formula 1 team.

General Motors Europe put Saab up for sale early last year, after its US parent company went into enforced bankruptcy. The brand was due to be folded last month, but last minute bids have kept hope for the brand.

Dutch sports carmaker Spyker is another known bidder and reports suggest an unknown Swedish consortium is also in the running. A meeting of Saab board members will take place on Friday.

GM says it had selected restructuring group AlixPartners to supervise an “orderly wind down” at Saab, which it expected to take “several months”.

Elsewhere, Peugeot is expected to announce details of a major rebrand later today (8 January). It will be the first overhaul of the brand since 1998 and follows Citroen’s rebranding last year. Brand consultancy Landor Associates is due to handle the rebranding work.

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