Spyker in talks with billionaire Shnaider on buying F1 team

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The outcome of the negotiations is still depending on a number of conditions and circumstances. In the event that such acquisition would materialize, Spyker NV will consider a share issue to (partially) finance the transaction. M-Consortium has expressed its willingness to subscribe to this issue for a large part. At the appropriate time further announcements will be made. In any event the acquisition will be subject to Spyker Shareholders' and Supervisory Board approval. Spyker Cars, the maker of luxury sports cars driven in movies including Basic Instinct 2, is in talks with billionaire Alex Shnaider about buying his Midland Formula 1 racing team. If Spyker agrees to buy the team, the company will consider a share issue to partially finance the transaction, the Zeewolde, Netherlands-based company said in an e-mailed statement today. Spyker may buy the team with M-Consortium, headed by Michiel Mol. Russian-born billionaire Shnaider bought the Formula One Team last year and changed the name to Midland Formula 1 Racing from Jordan Grand Prix. Shnaider's Midland Group is a Guernsey-based investment company founded in 1994. The shares of Spyker fell as much as 72 cents, or 4.3%, to € 16.60 and were trading at € 16.80 a share at 9:44 a.m. in Amsterdam. (Bloomberg, spykercars.com)

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