GM delays Saab decision

GM has announced it will delay a board meeting to decide Saab's fate until tomorrow, after it received four last-gasp bids for the Swedish car maker.

GM's board was due to meet today, but postponed its gathering to give it time to mull over the offers. Sources also indicated that, although the board will meet tomorrow, it may not make a final decision on Saab's fate.

Reports suggest the 24 hour delay may have been imposed to give Spyker more time to raise finance for its purchase.

Spyker, the most prominent bidder, is believed to have submitted an improved offer, while two unknown Swedish group are also expected to submit bids.

In addition, Genii Capital, a Luxembourg-based private investment firm, has informed the Swedish government that it intends to submit a bid for Saab. Genii recently took a 75 per cent stake in the Renault F1 team.

“It is a true opportunity and we’re surprised that more investors haven’t identified this opportunity,” a Genii spokesman said. He added that Luxembourg-based Genii “loves brands and Saab is a strong brand on the same level as Porsche and BMW.”

Reports suggest Genii's bid is based on the same business plan as submitted by original bidder Koenigsegg.

GM CEO Ed Whitacre said earlier that he didn’t expect a deal for Saab to be completed. “Just show up with the money and you can have it [Saab], but nobody's showing up with the money,” he said. “I think we've done everything humanly possible.”

Keep checking autocar.co.uk tonight and tomorrow for the latest news on the future of Saab.

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