A Dutch shareholders' association believes the deal by Spyker to purchase Saab is a dirty one, and is calling for Spyker CEO Victor Muller to come clean. The full details inside.
A securities and shareholders watchdog group is crying foul over the Spyker purchase of Saab. Dutch association VEB is insisting that Spyker CEO Victor Muller clear up questions about the mysterious financing that surfaced at the last minute of his negotiations with General Motors.
Saab-parent GM had insisted that Spyker chairman, and Russian banker, Vladimir Antonov divest his stake in the Dutch automaker as a condition to the Saab transfer. Antonov's stake of 4.6 million shares was bought by Tenaci Capital, owned by Muller. Tenaci contributed €50m in cash to GM as part of the sale, while providing €82m in loans to Spyker, according to a press release from the automaker.
However, an investigation by Dutch newspaper De Telegraaf found that Tenaci was only recently set up, having been registered within the last week. The company's location is listed as Muller's home address.
Spyker's boss refuses to identify who is behind Tenaci, and where the €132m comes from, saying that the backers wish to remain anonymous. If either Antonov, or his father Alexander, are backers of Tenaci, the entire deal could be jeopardized.
VEB has sent a list, titled "seven pressing questions to Victor," to the CEO, simultaneously posting it on their website. Amongst the questions, VEB wants to know if either Antonov has any continuing involvement with Spyker, and the terms of the Tenaci loan.
Further, if Muller at any time controlled more than 30% of Spyker's publicly traded shares, he is required by law to offer a reasonable bid for the company's outstanding shares, according to VEB. Spyker shares are traded on the Amsterdam Stock Exchange.
Last on the VEB's list of questions: Why would a company currently unable to turn a profit (Spyker) want to purchase a company that has not been profitable in decades (Saab)?
A shareholders meeting will likely take place on February 12.