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| Version 0 | Version 1 |
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| GM winding down Saab operations | GM winding down Saab operations |
| (21 minutes later) | |
| General Motors (GM) says it has begun the process to "wind down" Saab, but will also continue efforts to find a buyer for the Swedish carmaker. | |
| GM said it had selected restructuring group AlixPartners to supervise an "orderly" winding down at Saab, which it expected to take several months. | GM said it had selected restructuring group AlixPartners to supervise an "orderly" winding down at Saab, which it expected to take several months. |
| The US group also confirmed that it had received several proposals for Saab, which it was continuing to evaluate. | The US group also confirmed that it had received several proposals for Saab, which it was continuing to evaluate. |
| One bid has come from a group including Formula One boss Bernie Ecclestone. | One bid has come from a group including Formula One boss Bernie Ecclestone. |
| Swedish union IF Metall, which has a representative on Saab's board, criticised GM's decision to start the liquidation process while still continuing to explore a sale. | Swedish union IF Metall, which has a representative on Saab's board, criticised GM's decision to start the liquidation process while still continuing to explore a sale. |
| "It is irresponsible of GM as an owner to go in two directions, both pursuing the sale [of Saab] and the winding-up," said Stefan Loefven, the union's leader. | "It is irresponsible of GM as an owner to go in two directions, both pursuing the sale [of Saab] and the winding-up," said Stefan Loefven, the union's leader. |
| Bid interest | Bid interest |
| Late on Thursday, two groups said that they had made bids for Saab. | Late on Thursday, two groups said that they had made bids for Saab. |
| One group includes F1 boss Bernie Ecclestone, in partnership with Luxembourg-based private investment company Genii Capital, which recently invested in Renault's F1 team. | One group includes F1 boss Bernie Ecclestone, in partnership with Luxembourg-based private investment company Genii Capital, which recently invested in Renault's F1 team. |
| Mr Ecclestone told the Bloomberg news agency that Saab was "a good brand". | Mr Ecclestone told the Bloomberg news agency that Saab was "a good brand". |
| The second confirmed bid has come from Dutch sports carmaker Spyker. | The second confirmed bid has come from Dutch sports carmaker Spyker. |
| Swedish newspapers have also speculated that there has been a third bid approach by a group of Swedish business leaders, but this has not been confirmed. | Swedish newspapers have also speculated that there has been a third bid approach by a group of Swedish business leaders, but this has not been confirmed. |
| Protracted sale | Protracted sale |
| GM has been trying to sell Saab since January last year. | GM has been trying to sell Saab since January last year. |
| In June, GM announced that it had agreed to sell it to sports carmaker Koenigsegg, only for the Swedish company to pull out of the deal in November. | In June, GM announced that it had agreed to sell it to sports carmaker Koenigsegg, only for the Swedish company to pull out of the deal in November. |
| Saab, which employs 3,400 people in Sweden, lost 3bn kronor (£255m; $412m) in 2008, and it has not made a profit since 2001. | Saab, which employs 3,400 people in Sweden, lost 3bn kronor (£255m; $412m) in 2008, and it has not made a profit since 2001. |
| Founded in 1937, Saab was bought by GM in 1989. | Founded in 1937, Saab was bought by GM in 1989. |