Investor Sells 22 Percent Stake in Koenigsegg

A major investor in the automaker that may purchase Saab from General Motors has sold his stake in the company to a new owner, a Swedish newspaper has reported.

North American investor Mark Bishop sold his 22 percent stake in Koenigsegg, a luxury car maker with a tentative deal to buy Saab, said Swedish business daily Dagens Industri. Bishop’s 22-percent stake was the second largest in the company.

“A new owner has taken over his shares and the negotiations between General Motors and Koenigsegg Group continue according to plan,” a source told the paper.

GM, Koenigsegg, and Saab will meet this week with the Swedish government to discuss a loan of about $593 million for Saab that would be provided by the European Investment Bank and guaranteed by the government. The EIB is expected to decide on the loan by the end of September. Saab is currently under protection from its creditors.

“Saab’s management is very positive that, together with Koenigsegg Group, they will be able to present adequate collateral to get this loan,” Dagens Industri’s source said.

Source: Reuters