North American investor Mark Bishop has sold his 22% stake in Koenigsegg Automotive AB, the luxury car maker which plans to buy General Motors’ Saab unit according to the Swedish business daily Dagens Industri.
The newspaper reported today that a new owner has taken over his shares and the negotiations between GM and Koenigsegg Group continue according to plan.
Swedish niche sports car maker Koenigsegg struck a deal in June to buy Saab from GM, backed by U.S. and Norwegian investors. The deal is set to close by the end of the third quarter.
Bishop had the second-largest stake in Koenigsegg. Some media reports said he is pulling out because of the publicity over Koenigsegg’s offer for Saab.
Saab and GM and Koenigsegg are due to meet this week with the Swedish government about a state guarantee for a SEK4.3bn (US$593 million) loan from the European Investment Bank which would form part of the financing for the acquisition.
The EIB will decide on a possible loan to Saab by end-September. The Swedish carmaker went into creditor protection Feb. 20 after GM said it could not keep funding the loss-making brand. The protection ends August 20.