Genii pulls out of race for ailing Saab unit

AMSTERDAM: Investment company Genii Capital has withdrawn from the bidding for General Motors' unit Saab, leaving Spyker Cars as the sole remaining bidder to rescue the ailing Swedish auto brand.

Genii Capital's bid had been backed by Formula One mogul Bernie Ecclestone and had said as recently on Sunday that although Spyker Cars was "well-positioned" to buy Saab, Genii was ready to pounce if the Spyker bid collapsed.

But Genii said that it was withdrawing from the race, having entered the year-long bidding process for Saab just three days before GM's original closing deadline as GM seeks to either wind-down or sell Saab.