Bernie Ecclestone pulls out of bid to buy Saab

Bernie Ecclestone's consortium has withdrawn an offer for Saab, leaving Spyker Cars the sole bidder to rescue the ailing Swedish car brand.

The Formula One boss had backed a bid by investment firm Genii Capital and said on Sunday that it was ready of the "well positioned" Spyker bid collapsed.

But Genii said in a statement that it was withdrawing from the race, having entered the year-long bidding process for Saab three days before the car firm's parent company General Motors' deadline. GM was seeking either to sell Saab or wind it down.

"Genii Capital believes that the timing of the next stage of the shutdown process at Saab is not compatible with its requirements for putting in place a solid business platform for the future and closing the transaction," the statement said.

General Motors chief executive, Ed Whitacre, said yesterday that the company had held advanced talks with Spyker about Saab, but was proceeding with plans to close the unit.

"Obviously there have been advanced talks with Spyker cars to acquire Saab. However, we do not have a deal to announce. If and when that changes, we will let you know," he said.

Spyker with about 110 employees and Saab with 3,400 make an unlikely pairing and although the Dutch car manufacturer's bid was alive yesterday, analysts have expressed scepticism about the chances of a deal.