Earlier today, I bought you a quick summary note from Dagens Industri. They were writing in their print edition – not online – that Mark Bishop was the person leaving the Koenigsegg Group, and that someone else was buying his share.
The guy behind that email was Carl-Henrik and he’s been kind enough to do a full transcript as the article is still not available online.
The transcript follows, and there’ll be a “You make the news” entry later in case there’s any follow up from this whilst I’m sleeping (yes it happens).
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SAAB BUYER SWITCHES DRIVER
Koenigseggs chairman Aguie Fabela takes command in the deal
The North American investor Mark Bishop has sold his shares in Koenigsegg Group, who are negotiating with General Motors about the takeover of Saab Automobile. That is what a central placed source says to DI. At the same time Koenigseggs chairman Augie Fabela breaks the silence about the Saab-deal.
“We will be able to present more news later. I’m not able to comment on the ownership situation right now” – says Augie K Fabela. More than that is he not willing to say. But it is still a sign that the Koenigsegg consortium wants to change the image of their secrecy as the deal enters a critical level.
The Koenigsegg Group chairman Augie K Fabela is also more and more showing himself as the driving force in the take over of Saab. He met the leadership at Saab last Wednesday and gave a long and detailed presentation of the plans. Among many things were talks about development of new technology, the possibilities to use GM’s technology and development of new models. “It is Augie Fabela that is the central person and not Mark Bishop. The negotiations continue as planned”, says Eric Geers, information-director at Saab Automobile, that was on the meeting.
The shares has a new owner
Augie Fabela has made a fortune on the Russian-Norwegian telecom company Vimpelcom. At the same time it is said that Mark Bishop has sold all his shares in Koenigsegg Group. “A new owner has taken over his shares and the negotiations between General Motors and Koenigsegg Group continues according to plan” – says the DI source.
Mark Bishop was with his 22 percent the second largest owner in the company. Judging by everything he has been affected by the large amount of attention from media and withdraws from the deal with GM / Saab Automobile.
Doesn’t effect
It is uncertain who it is that has taken over the control of the shares of Mark Bishop. Several sources emphasizes that it wont effect the deal. That suggests that it is a strong capital owner that has stepped in.
If the main owner the Koenigsegg family would have taken over the shares it would have become more difficult to finish the deal as the economical strength would have been considerably weaker. “I can’t comment on that” – says Halldora von Koenigsegg on Koenigsegg Automobile.
An important meeting between the Swedish government, Saab/GM and Koenigsegg Group will take place this week. There they will discuss the guarantees of the Swedish government for the EIB-loan on 4.3 billion Swedish kronor that Koenigsegg and Saab Automobile wants.
“Yes, that is correct. We will meet the Swedish government in a meeting this week. Negotiations continues as planned” – says Halldora von Koenigsegg. “The direction of Saab is very positive about together with Koenigsegg Group be able to present enough good securities for getting this loan” – says the DI source.
Even General Motors emphasizes that the negotiations continue. “Nothing has changed. We are negotiating with Koenigsegg Group about a binding agreement to buy Saab Automobile. That is planned to be finished during the third quarter this year” – says Karin Kirchner, spokesperson on General Motors Europe in Zürich.
Tried to hide it
DI can today also reveal how the newly founded Koenigsegg Group tried to hide both Mark Bishop’s and Augie K Fabela’s names when the information about the company’s board was handed in to Bolagsverket (The Swedish Authority that handles company registrations – my note) in the beginning of June.
“Classifying the information as secret would in this case should be applied by the authority (Bolagsverket – my note) when… these persons can be exposed for violence or suffer considerable or other if the information is revealed” – wrote Koenigsegg hired company consultant firm Bolagsrätt to Bolagsverket in the procedure of register Koenigsegg Group. The request was later withdrawn after discussions between the parties.
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My thanks to Carl-Henrik for this translation!
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{ 6 comments }
After reading parts of Zimin`s book I am sure. This deal will come through… Go Augie….
I will not be sure until it’s done, but Fabela seems to be the good kind of entrepreneur and someone who wouldn’t jeopardize his reputation or fortune without performing his own due diligence.
I wonder why the two Americans wanted to stay private. I hope that there are not any skeletons in their closets for the SEC to find. Anything other than transparency looks like you are hiding something.
At any rate, thanks to Carl-Henrik for the great translation. Much appreciated!
@gunteman: thanks for the
in the other string on Fabela 
maybe they were trying to keep K-Egg Group AB looking as Nordic as possible? After all, Eker & CvK do own 78% of the shares.
@ Karen Glad to have some info and I have a lot of respect for Fabela – wish he actually owned some of Saab. Your reminder that 78% of the shares are in the hands of two “non deep” pockets, relatively speaking, is a downer.
I also wonder if Bishop keeps his large interest in K-Segg Auto?
If you want to stay private, I would advise against buying a car company.
Sounds more postive than much of what we’ve heard for the last little while. Every deal needs a driver and Fabela certainly has some form so perhaps things are working out ok after all.
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