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.