Investor sells out of Saab rescuer
Following reports that the Swedish Government was investigating claims that there were problems with the investor base of niche sports car maker Koenigsegg, which is planning to take over General Motors subsidiary Saab, Reuters Newsagency says a major investor has sold his share in the company.
North American investor Mark Bishop has sold his 22 per cent stake in Koenigsegg, Swedish business daily Dagens Industri has reported.
"A new owner has taken over his shares and the negotiations between General Motors and Koenigsegg Group continue according to plan," a source was quoted by the newspaper as saying.
Reuters says Mr Bishop had the second-largest stake in the company that has struck a preliminary deal to buy Saab.
Saab, GM and Koenigsegg plan to meet this week with the Swedish government about a state guarantee for a 4.3 billion Swedish crown (US$593 million) loan from the European Investment Bank, which would form part of the financing for the acquisition.
"Saab's management is very positive that, together with the Koenigsegg Group, they will be able to present adequate collateral to get this loan," the source said.
Saab is currently under creditor protection.
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