Spyker's Muller sells stake to O'Toole

Wednesday 31 March 2010

Spyker CEO Victor Muller was able to avoid being forced to bid for all the shares in the Spyker Saab group by selling a stake to business partner Brendan O'Toole, the Financieele Dagblad reports on Wednesday.

Under Dutch law, major shareholders who hold more than 30% of the shares in a company must either reduce their interest or bring out a bid for the rest of the shares. Muller's stake in the combined Spyker Saab group rose to over 30% after he was forced to buy out Russian shareholder Vladimir Antonov.

Muller sold the shares to Cyprus based Dorwing Solution - operated by O'Toole - last week, the paper says. O'Toole now owns 7.47% of Spyker, the paper says.

O'Toole is director and joint founder of Coventry Prototype Panels, the British-based company which has been charged with assembling Spyker's luxury sports cars since last year.

© DutchNews.nl

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