Geely has submitted a bid for GM's Saab: report


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Shanghai, May 7 (Gasgoo.com) Chinese carmaker Geely Automobile Holdings has submitted a bid to acquire GM's Saab unit, the Wall Street Journal reported Wednesday.

Geely is one of "three to four" serious bidders for Saab, according to the report. It said that Geely appears to be the only bidder from China.

In late April Geely was reported to have visited Saab Automobile at its Swedish headquarters for an entire day. GM has said it plans to cut ties to Saab by Jan. 1, 2010.

Meanwhile, Geely has also sent a team to Ford Motors' Volvo factory in Gothenburg, Sweden to scrutinize Volvos financial records.

No official confirmation from GM and Geely were available at the moment.

Separately, Renault SA has been in touch with a GM adviser about a deal for the Saturn brand. GM acknowledged earlier this week that it has received interest in Saturn.

GM is racing to meet a June 1 deadline to drastically restructure its operations as it tries to avoid filing for Chapter 11 bankruptcy, which Detroit rival Chrysler did last week.

For more information please visit http://autonews.gasgoo.com

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