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Ecclestone hunts Saab

Billionaire Formula 1 boss Bernie Ecclestone is in the running to buy Swedish car maker Saab.

Luxembourg-based Genii Capital has revealed that it was interested in making an offer in conjunction with Ecclestone, just as the deadline for final bids expired.

Genii Capital recently invested in Renault's Formula 1 team and said that Saab has "tremendous brand value in a number of key automotive markets, as well as an innovative image".

Saab has been looking for a buyer to prevent being wound down by its owner General Motors (GM).