GM Studies Saab Bids as Genii Makes Revised Offer

General Motors Co. is still reviewing bids for Saab Automobile, as Formula One tycoon Bernie Ecclestone and partner Genii Capital submitted a revised offer today for the Swedish carmaker, Bloomberg.com reported.

Nick Reilly, GM’s European president, told reporters in Detroit yesterday that talks with Saab’s bidders continue even after the Swedish government approved GM’s appointed liquidator to wind down the Trollhaettan-based brand.

“Genii and Ecclestone sent its revised bid,” Lars Carlstroem, the Swedish investor working with Luxembourg-based Genii, said in a telephone interview. “This will show them that we are a financially strong group and that funding is not an issue, and that we are ready to support Saab in the long term.” He wouldn’t discuss details of the offer.

Saab is among four brands, along with Pontiac, Saturn and Hummer, that GM is unloading to focus on Chevrolet, Buick, GMC and Cadillac in the U.S. after its bankruptcy exit on July 10. Genii is the private-equity firm that agreed to acquire a majority stake in Renault SA’s F1 racing team in December. Dutch supercar maker Spyker Cars NV is also negotiating with GM.

A decision on Saab isn’t likely soon, according to GM spokesman Tom Wilkinson.

Saab Chief Executive Officer Jan-Aake Jonsson handed over power to liquidators yesterday and the board was disbanded. The Swedish Companies Registration Office named GM nominees AlixPartners LLP Managing Director Stephen Taylor and Peter Toerngren of Swedish law firm Toerngren Magnell, to supervise the wind-down.

Other bidders for Saab include a group headed by Jan Nygren, a former Swedish deputy prime minister, and a Wyoming- based investor group led by Merbanco Inc. President Chris Johnston.

Reilly told reporters that Detroit-based GM is ready to accept a bid for the division and that it may negotiate with potential buyers for four more weeks. Spyker’s and Genii’s proposals look the most realistic, he said.