Victor Muller, the head of luxury car maker Spyker which is taking over Sweden’s Saab, has agreed a $25m convertible loan for the company with his former employer, offshore company Heerema.

Muller worked for Heerema between 1984 and 1991 and CEO Pieter Heerema will join the Spyker supervisory board.
‘Although providing convertible loans such as this is not in the ordinary course of our company, the positive developments of the past few months involving the Saab brand… together with the worldwide support of loyal customers, dealers, employees, suppliers and other stakeholders represents unique value,’ Heerema said in a statement.
On Monday, the European Commission said it had no objections to Sweden guaranteeing a €400m loan from the European Investment Bank to enable the takeover.