The financial saga at Porsche continues...
06-21-2009 | 03:01 PM
#16
Racer
Joined: Jun 2003
Posts: 371
Likes: 0
Well it seems that the old man Ferry in making the company private back in the 70's maybe was a mistake. The old man wanted no squabbles between the families so he made the company private. The bickering continues between the cousins and VW+Audi will eventually takeover. They are winning all the races anyway?
Most of my kids' friends had their first cars given to them. imagine my kids' shock when I told them that c-a-r is spelled j-o-b.
06-21-2009 | 04:21 PM
#17
Racer
Joined: Mar 2004
Posts: 289
Likes: 14
From: Santa Cruz
At one time anyone and everyone who drove by each other in a Porsche either waved or flashed their lights at each other. Today when I flash my lights at a newer Porsche owner, most (not all) look at me like "what the hell is he doing?" So why is it that some of us wave at each other?
1. We all know that the person driving that Porsche is having an incredible time!
2. We know the pride, excellence, history and commitment that has gone into these machines
3. We consider ourselves part of a family
How did an Automobile become branded like this?
1. The people who started Porsche loved driving cars
2. They were ruthless in their commitment to excellence
3. They were a family which shared their family values with the public
Today Porsche says it is committed to excellence. But since 1999 Porsche has tried to achieve excellence, make money and be a sustainable organization. And that formula has come at a price. Very few companies can sustain excellence in a competing market. It takes an enormous amount of integrity and a steadfast commitment to maintain a company’s core values and mission and stay on the map. But it also takes asking the question; How big and rich is big and rich enough?
In my assessment, Wolfgang went white because he is seeing the cost of the choices he and his team have made over the past 10 years. When a company achieves such a high brand as Porsche did by having the public not only think they are part of a family but also experience it, that is a priceless brand. But over the past 10 years that brand has trickled away…and that is the biggest cost facing Porsche today…and that is not an easy brand to duplicate again.
Customers are plentiful. Loyal customers who know they are part of a family are priceless.
Porsche will survive but will it be able to or want to achieve the kind of excellence it once had? We shall see. But what I know is this…I will drive my 1998 C2S with a sense of pure enjoyment, excellence and knowing I am part of a family. Will the new Porsche owner feel the same? I will keep testing the market by waving and flashing my lights and look forward to and welcome those that want to join in on the fun.
1. We all know that the person driving that Porsche is having an incredible time!
2. We know the pride, excellence, history and commitment that has gone into these machines
3. We consider ourselves part of a family
How did an Automobile become branded like this?
1. The people who started Porsche loved driving cars
2. They were ruthless in their commitment to excellence
3. They were a family which shared their family values with the public
Today Porsche says it is committed to excellence. But since 1999 Porsche has tried to achieve excellence, make money and be a sustainable organization. And that formula has come at a price. Very few companies can sustain excellence in a competing market. It takes an enormous amount of integrity and a steadfast commitment to maintain a company’s core values and mission and stay on the map. But it also takes asking the question; How big and rich is big and rich enough?
In my assessment, Wolfgang went white because he is seeing the cost of the choices he and his team have made over the past 10 years. When a company achieves such a high brand as Porsche did by having the public not only think they are part of a family but also experience it, that is a priceless brand. But over the past 10 years that brand has trickled away…and that is the biggest cost facing Porsche today…and that is not an easy brand to duplicate again.
Customers are plentiful. Loyal customers who know they are part of a family are priceless.
Porsche will survive but will it be able to or want to achieve the kind of excellence it once had? We shall see. But what I know is this…I will drive my 1998 C2S with a sense of pure enjoyment, excellence and knowing I am part of a family. Will the new Porsche owner feel the same? I will keep testing the market by waving and flashing my lights and look forward to and welcome those that want to join in on the fun.
06-21-2009 | 07:05 PM
#19
Rennlist Member
Joined: Jan 2008
Posts: 8
Likes: 0
From: Atlanta, GA
Excellent comments, Rhino! I've been driving Porsches for 39 years, when most every owner flashed when passing on the road. We were a small band of brothers then, before the general public had ever heard of Porsche, before they advertised on TV, etc. Porsches were bought by like-minded enthusiasts who appreciated the engineering, and certainly not bought to impress others. I remember pulling in a gas station in the early 70s , and being asked if my car was a new VW (prophetic?). I've seen the same thing happening with BMW, Mercedes, Rolex...... too many people people who know little, or care little, for the engineering buy the product to impress others. I guess it's logical that the cars are now marketing driven. Why would one flash another Porsche now? Porsche is still wonderful, but we are no longer a small group of like-minded enthusiasts who are driving a wonderful, little known car.
06-27-2009 | 05:41 PM
#20
Nordschleife Master
Joined: Jun 2003
Posts: 5,312
Likes: 18
From: Los Altos, CA
Porsche fumes at VW, Lower Saxony "Extortion"
The plot thickens ... Government intervention will fix this ... 
Porsche fumes at VW, Lower Saxony "Extortion"
Sat Jun 27, 2009 12:35pm EDT
FRANKFURT (Reuters) - Porsche accused Volkswagen and its key shareholder Lower Saxony of extortion following a magazine report that VW and the regional state had demanded Porsche accept a tie-up of the two carmakers with VW in charge. Der Spiegel magazine reported in its online edition on Saturday, that Porsche Chief Executive Wendelin Wiedeking and Chairman Wolfgang Porsche had been pressed to agree by the end of June that VW take a 49 percent stake in Porsche's sports car business for 3-4 billion euros ($4.2-$5.6 billion).
VW had threatened it could insist on Porsche paying back in September a 700 million euro loan VW had provided, if Porsche rejected the offer, Spiegel online said, without citing sources. Porsche Chairman Wolfgang Porsche and his deputy Uwe Hueck, an employee representative, said in a statement on Saturday they had been given an ultimatum by VW and Lower Saxony.
"We will not accept extortion. ... Ultimatums do not belong in the 21st century," they said. "We hope very much in the interest of the common goals that the authors of the ultimatum regain their calm and will pursue their proposals in internal talks and not via headlines.." Spiegel reported that as part of VW's proposal the Emirate of Qatar would buy Porsche's stock options in VW, which would subsequently integrate the Porsche sports car business into its operations. VW would not comment on the report or on Porsche's response. The Emirate of Qatar was not immediately available for comment.
Porsche, which owns 51 percent of Volkswagen, racked up 9 billion euros ($12.7 billion) debt trying to swallow Volkswagen before the financial crisis threw it off course. Spiegel reported that under the proposal the merged carmaker would eventually be 40 percent owned by the Porsche and Piech families, 20 percent by Lower Saxony, 15 percent by Qatar, and another sovereign wealth fund would hold 5 percent.
On Friday, Porsche SE said it was close to reaching a deal with Qatar that could help solve its financial problems. "The negotiations have entered the final stretch," a spokesman for Porsche said on Friday, adding Qatar had finished examining its books. "The due diligence has reached a positive conclusion."
(Reporting by Ludwig Burger, Hendrik Sackmann and Arno Schuetze; editing by Sue Thomas)
Sat Jun 27, 2009 12:35pm EDT
FRANKFURT (Reuters) - Porsche accused Volkswagen and its key shareholder Lower Saxony of extortion following a magazine report that VW and the regional state had demanded Porsche accept a tie-up of the two carmakers with VW in charge. Der Spiegel magazine reported in its online edition on Saturday, that Porsche Chief Executive Wendelin Wiedeking and Chairman Wolfgang Porsche had been pressed to agree by the end of June that VW take a 49 percent stake in Porsche's sports car business for 3-4 billion euros ($4.2-$5.6 billion).
VW had threatened it could insist on Porsche paying back in September a 700 million euro loan VW had provided, if Porsche rejected the offer, Spiegel online said, without citing sources. Porsche Chairman Wolfgang Porsche and his deputy Uwe Hueck, an employee representative, said in a statement on Saturday they had been given an ultimatum by VW and Lower Saxony.
"We will not accept extortion. ... Ultimatums do not belong in the 21st century," they said. "We hope very much in the interest of the common goals that the authors of the ultimatum regain their calm and will pursue their proposals in internal talks and not via headlines.." Spiegel reported that as part of VW's proposal the Emirate of Qatar would buy Porsche's stock options in VW, which would subsequently integrate the Porsche sports car business into its operations. VW would not comment on the report or on Porsche's response. The Emirate of Qatar was not immediately available for comment.
Porsche, which owns 51 percent of Volkswagen, racked up 9 billion euros ($12.7 billion) debt trying to swallow Volkswagen before the financial crisis threw it off course. Spiegel reported that under the proposal the merged carmaker would eventually be 40 percent owned by the Porsche and Piech families, 20 percent by Lower Saxony, 15 percent by Qatar, and another sovereign wealth fund would hold 5 percent.
On Friday, Porsche SE said it was close to reaching a deal with Qatar that could help solve its financial problems. "The negotiations have entered the final stretch," a spokesman for Porsche said on Friday, adding Qatar had finished examining its books. "The due diligence has reached a positive conclusion."
(Reporting by Ludwig Burger, Hendrik Sackmann and Arno Schuetze; editing by Sue Thomas)
06-27-2009 | 06:29 PM
#21
Rennlist Member
Joined: Apr 2008
Posts: 1,155
Likes: 1
From: Out there
Hope? Yes...
but I'm not sure how this changes much. VW is also a large corp, interested in profits. If Cayennes sell, they will make them. Right next to the Touareg. Same as today. Why wouldn't they?
Not really sure what this would change.
The only hope would be that VW management sees the Porsche line differently.
What makes this management better for the enthusiast? Mayne there is a reason to celebrate. I honestly don't know.
but I'm not sure how this changes much. VW is also a large corp, interested in profits. If Cayennes sell, they will make them. Right next to the Touareg. Same as today. Why wouldn't they?
Not really sure what this would change.
The only hope would be that VW management sees the Porsche line differently.
What makes this management better for the enthusiast? Mayne there is a reason to celebrate. I honestly don't know.
I always get a little confused by those who rail against companies for being motivated by profit. Well... ummm... of course they are. That is really their only purpose and motive. How well they do it varies wildly. Also important to remember is that their "market" is not a market of one <insert ranting internet personality here>, nor even a homogeneous collection of enthusiasts. Hence Porsche's simultaneous successes with the 911, Boxster, Cayman, and Cayenne.
06-29-2009 | 12:57 AM
#22
Nordschleife Master
Joined: Jun 2003
Posts: 5,312
Likes: 18
From: Los Altos, CA
More Porsche family drama ...
Volkswagen’s Piech Blackmails Porsche’s Wiedeking: Deal by Monday or Die
By Bertel Schmitt June 28, 2009
A week ago, we predicted that Volkswagen, buoyed by stellar numbers, would soon swat nuisance Wiedeking once and for all. It didn’t take long. Ferdinand Piech, chairman of the supervisory board of Volkswagen and co-owner of Porsche, pulled out a big gun and put it to the head of Wendelin Wiedeking, CEO of Porsche (and theoretically Piech’s employee). Piech said (we are paraphrasing in the interest of brevity): “Say uncle by Monday. Or you’re dead.” Nice family.
According to Der Spiegel, VW and the state of Lower Saxony set Wiedeking a deadline. If he doesn’t accept the offer by Monday, Porsche’s already dire financial situation will become untenable. The joint ultimatum goes like this: VW buys 49 percent of the Porsche AG for anywhere between €3 and €4 billion. The money goes to the Porsche Holding, of which Piech owns a good chunk. As a next step, the Emir of Qatar will buy the options for 25 percent of VW stock, which are held by the Porsche Holding. Then, VW and Porsche will merge.
When everything is said and done, the Porsche/Piech families will end up owning more than 40 percent of VW-Porsche, Lower Saxony will keep its 20 percent, Quatar will have 15 percent, another unnamed sovereign wealth fund (any guesses?) will hold five percent. Less than 20 percent will be publicly traded, which should keep the stock scarce and high. This plan is the joint work product of VW CEO Martin Winterkorn, VW CFO Hans Dieter Pötsch, Lower Saxony’s Premier Christian Wulff and of course Ferdinand Piech. Der Spiegel didn’t name sources for the story. The details of the transaction are fine grained. There must be a big leak in the executive washroom on the top floor of the Volkswagen Hochhaus.
What if Wiedeking says no? Will he find the head of a horse in his bed? This is Germany, and the dealings are more subtle: If he says no, VW will recall its €700 million loan they had given Porsche last March to save them from bankruptcy. Should it come to that, the Emir of Qatar will walk. He made clear that he’s only interested in a Porsche-VW company where the owners share a common goal and are off each others’ throats. With the Emir gone and the loan recalled, Porsche AG (the car company) is DOA. If Wiedeking gives in, his job is DOA.
The story jibes with the information collected by the Süddeutsche Zeitung. Bankers told the SZ that Qatar has its eyes on big Volkswagen. They were only talking to little Porsche to get their hands on the VW options. To sweeten the deal, Qatar could deliver a chopped head to Wolfsburg: Wiedeking’s. Qatar doesn’t want to “fight with Wiedeking against the rest of the world.” To win over Piech and Lower Saxony, Wiedeking has to go. Judging from the ultimatum, Piech, Lower Saxony, and Quatar are already in agreement.
There is no other white knight that may ride to Porsche’s rescue. Daimler was rumored to be interested. Today, Daimler’s Zetsche gave Die Welt an interview and Porsche the cold shoulder: “If we would be interested in Porsche, we would tell them.” And: “Porsche is closely integrated with Volkswagen’s activities. It doesn’t make sense contemplating to replace this integration with another one.”
Zetsche also intimated that Porsche had leaked the possible link-up with Daimler: “I can understand that spinning the same story again and again can get boring. One likes to drop other names.” In other words: Porsche, get lost. Daimler has its own problems. So what’s left for Porsche? All they can do is fume. “Porsche’s chairman is furious with Volkswagen AG. Wolfgang Porsche said in a statement Saturday that the sports car maker would not be “blackmailed” into a merger with VW,” Automotive News [sub] writes.
More than miffed, Wolfgang Porsche flames in the direction of Wolfsburg:
We are deeply concerned and irritated by the wording of the ultimatum. The 21st century is not the time for ultimatums. We wonder what the whole matter is really about and whether the focus is still on our common cause at all. We will not give in to such pressure or blackmail. Such action does not help anybody. It is detrimental to the entire cause. This is not the way to support and uphold common interests. We sincerely hope that the perpetrators of the ultimatum, in consideration of our common interests, calm down again and follow up their proposals in internal discussions and not through headlines. We are open to such talks at any time.
The missive was co-signed by Uwe Hück, Wolfgang Porsche’s deputy on the board and representative of the worker’s council. Workers and managers, unite! They must have been close to tears when they wrote this. All smugness is gone. The strongly worded protest confirms that Der Spiegel has its details right. On Friday, Porsche had bragged it was close to reaching a deal with Qatar. At the same time, Qatar, Piech, and Lower Saxony got a little cozier. Now, all that’s left to Porsche is to whine and to invoke noble principles. It won’t work.
By Bertel Schmitt June 28, 2009
A week ago, we predicted that Volkswagen, buoyed by stellar numbers, would soon swat nuisance Wiedeking once and for all. It didn’t take long. Ferdinand Piech, chairman of the supervisory board of Volkswagen and co-owner of Porsche, pulled out a big gun and put it to the head of Wendelin Wiedeking, CEO of Porsche (and theoretically Piech’s employee). Piech said (we are paraphrasing in the interest of brevity): “Say uncle by Monday. Or you’re dead.” Nice family.
According to Der Spiegel, VW and the state of Lower Saxony set Wiedeking a deadline. If he doesn’t accept the offer by Monday, Porsche’s already dire financial situation will become untenable. The joint ultimatum goes like this: VW buys 49 percent of the Porsche AG for anywhere between €3 and €4 billion. The money goes to the Porsche Holding, of which Piech owns a good chunk. As a next step, the Emir of Qatar will buy the options for 25 percent of VW stock, which are held by the Porsche Holding. Then, VW and Porsche will merge.
When everything is said and done, the Porsche/Piech families will end up owning more than 40 percent of VW-Porsche, Lower Saxony will keep its 20 percent, Quatar will have 15 percent, another unnamed sovereign wealth fund (any guesses?) will hold five percent. Less than 20 percent will be publicly traded, which should keep the stock scarce and high. This plan is the joint work product of VW CEO Martin Winterkorn, VW CFO Hans Dieter Pötsch, Lower Saxony’s Premier Christian Wulff and of course Ferdinand Piech. Der Spiegel didn’t name sources for the story. The details of the transaction are fine grained. There must be a big leak in the executive washroom on the top floor of the Volkswagen Hochhaus.
What if Wiedeking says no? Will he find the head of a horse in his bed? This is Germany, and the dealings are more subtle: If he says no, VW will recall its €700 million loan they had given Porsche last March to save them from bankruptcy. Should it come to that, the Emir of Qatar will walk. He made clear that he’s only interested in a Porsche-VW company where the owners share a common goal and are off each others’ throats. With the Emir gone and the loan recalled, Porsche AG (the car company) is DOA. If Wiedeking gives in, his job is DOA.
The story jibes with the information collected by the Süddeutsche Zeitung. Bankers told the SZ that Qatar has its eyes on big Volkswagen. They were only talking to little Porsche to get their hands on the VW options. To sweeten the deal, Qatar could deliver a chopped head to Wolfsburg: Wiedeking’s. Qatar doesn’t want to “fight with Wiedeking against the rest of the world.” To win over Piech and Lower Saxony, Wiedeking has to go. Judging from the ultimatum, Piech, Lower Saxony, and Quatar are already in agreement.
There is no other white knight that may ride to Porsche’s rescue. Daimler was rumored to be interested. Today, Daimler’s Zetsche gave Die Welt an interview and Porsche the cold shoulder: “If we would be interested in Porsche, we would tell them.” And: “Porsche is closely integrated with Volkswagen’s activities. It doesn’t make sense contemplating to replace this integration with another one.”
Zetsche also intimated that Porsche had leaked the possible link-up with Daimler: “I can understand that spinning the same story again and again can get boring. One likes to drop other names.” In other words: Porsche, get lost. Daimler has its own problems. So what’s left for Porsche? All they can do is fume. “Porsche’s chairman is furious with Volkswagen AG. Wolfgang Porsche said in a statement Saturday that the sports car maker would not be “blackmailed” into a merger with VW,” Automotive News [sub] writes.
More than miffed, Wolfgang Porsche flames in the direction of Wolfsburg:
We are deeply concerned and irritated by the wording of the ultimatum. The 21st century is not the time for ultimatums. We wonder what the whole matter is really about and whether the focus is still on our common cause at all. We will not give in to such pressure or blackmail. Such action does not help anybody. It is detrimental to the entire cause. This is not the way to support and uphold common interests. We sincerely hope that the perpetrators of the ultimatum, in consideration of our common interests, calm down again and follow up their proposals in internal discussions and not through headlines. We are open to such talks at any time.
The missive was co-signed by Uwe Hück, Wolfgang Porsche’s deputy on the board and representative of the worker’s council. Workers and managers, unite! They must have been close to tears when they wrote this. All smugness is gone. The strongly worded protest confirms that Der Spiegel has its details right. On Friday, Porsche had bragged it was close to reaching a deal with Qatar. At the same time, Qatar, Piech, and Lower Saxony got a little cozier. Now, all that’s left to Porsche is to whine and to invoke noble principles. It won’t work.
06-29-2009 | 09:51 AM
#23
Pro
Joined: Jul 2008
Posts: 578
Likes: 0
From: Sharon, MA
Call me sacriligious, but I don't see the big deal in the merging of these two companies, whether it's Porsche taking over VW or vice versa. As a lifelong devoted VW fanatic, I am actually cautiously excited to see the two companies officially united. Don't forget that without the Beetle, our 356s and 911s would be very different cars. How about those other VW-codesigned models that we love--the 914, the 924/944, and the Cayenne? OKay, maybe not so much the Cayenne...But how about Porsche's reliance on VW's dealership and parts distribution network back in the day? Or don't forget that while Ferdinand "Butzi" Porsche styled the iconic 911, it was his cousin Ferdinand Piech who designed its legendary flat-six. Have you ever taken a close look at the parts on your Porsche? There are tiny VW/Audi stamps in places you would not expect, even on a 99*6* transmission that I saw recently. You can hate me for calling my 993 my "Uber-Bug", but I'm very proud of our VW roots, and I'm excited to see how this drama progresses.
P.S. My autocross number is 53, and I know I'm not the only Herbie fan out there who has a Porsche...
P.S. My autocross number is 53, and I know I'm not the only Herbie fan out there who has a Porsche...
06-29-2009 | 01:13 PM
#24
Rennlist Member
Joined: Oct 2003
Posts: 3,387
Likes: 53
From: in a racecar somewhere...
I am in favor of the VW-Porsche combo. Weideking needs to move on...Piech was resonsible for some of Porsches greatest cars and racing triumphs. He is a car guy and an engineer.
06-29-2009 | 01:31 PM
#25
Racer
Joined: Dec 2003
Posts: 482
Likes: 0
From: Waxhaw, NC (Charlotte sub)
VW under Piech has demonstrated its car chops. Take a look at Audi, for example. There are some really, really good cars with Audi rings on them.
06-29-2009 | 11:44 PM
#26
Rennlist Member
Joined: May 2007
Posts: 413
Likes: 1
From: Los Angeles
Call me sacriligious, but I don't see the big deal in the merging of these two companies, whether it's Porsche taking over VW or vice versa. As a lifelong devoted VW fanatic, I am actually cautiously excited to see the two companies officially united. Don't forget that without the Beetle, our 356s and 911s would be very different cars. How about those other VW-codesigned models that we love--the 914, the 924/944, and the Cayenne? OKay, maybe not so much the Cayenne...But how about Porsche's reliance on VW's dealership and parts distribution network back in the day? Or don't forget that while Ferdinand "Butzi" Porsche styled the iconic 911, it was his cousin Ferdinand Piech who designed its legendary flat-six. Have you ever taken a close look at the parts on your Porsche? There are tiny VW/Audi stamps in places you would not expect, even on a 99*6* transmission that I saw recently. You can hate me for calling my 993 my "Uber-Bug", but I'm very proud of our VW roots, and I'm excited to see how this drama progresses.
06-30-2009 | 02:21 AM
#27
Burning Brakes
Joined: Sep 2005
Posts: 774
Likes: 6
From: Sunny Miami
hahaha good!!! I'm glad Porsche is getting taken over by VW. I have HATED the direction Porsche has taken since the late 90s, and the egos at the helm have led them to create **** cars for maximum profitability, whoring out the Porsche brand to fatten their wallets. I hope Volkswagen cuts down on Porsche's product line DRASTICALLY, relegates them back to a small niche sportscar manufacturer with VW financial backing (a la Ferrari to Fiat), and lets the engineers at Porsche run things instead of the bean counters who obviously soiled their own nest due to their arrogance.
This is a GREAT day for Porsche enthusiasts.
This is a GREAT day for Porsche enthusiasts.
My english is bad, so you made a favor to me with these well said words.
Porsche do not care very much on their heritage or their fans.
A 997 owner may say that i am old fashined or unable to buy a new model (both very wrong by the way ) but as soon as they produce a new model, yours (and you) are another piece of crap for them. They dont participate on F1 competitions anymore (too expensive, too much work, too much waste .... ) or ... they are afraid to compite with MB, Nissans, Renaluts, Ferraris ..... uhmm ??
Before i knew rennlist , (such a great place) I was trying to contact Porsche for a couple of things about my car by email and fax ....No answer at all ..... So i email to a couple dealers in Florida and nothing either ...
Of course .... a 993 is just another headache for them .... I guess they would love all porsches (from 356 to 996) desapear from the face of the earth, so they forget all the issues and maintenance and parts for all of them .. Lets make 200.000 new cars/trucks/SUV/sedans ... etc .. etc .. to make money ...
Money is good, (i am not a comunist) but you have to keep your status as a sport car ,as a brand with such a great tradition ... (no, i am not idiot or a new rich .. neither ..) ....I try myself to keep all my old customers happy with my products, and make them feel as valuable as a large or a new customer.
Go to porsche web page for a while ....
i can not get info on my 993, or a 356, or a 996 !!!! ...
(please correct me if i am wrong ..) . They really dont care ... this stuff do not generates money ...
If you go to ferrari, for example:
http://www.ferrari.com/English/GT_Sp...anTurismo.aspx
you will see a nice page where you can browse all models, and details and photos and specs on their cars ... Any ferrari owner would be proud to see his valuable toy on their web page .. !! Ferrari as well as other brands much less famous than Porsche pay attention to those details that fans for sure would appreciate very much.
My lack of good english do not allow me to explian better, but i am sure many people will understand what i want to say. A ferrari 348 can be purchased for aprox $35K-40K$ in pretty good shape by the way. a F355 in $ 60K and a esplendid F360 for $ 85K. This is not a matter to be rich famous or milllionare. Is a mattter of tradition , values, customers, heritage and emotional inteligence.
06-30-2009 | 10:23 AM
#29
Pro
Joined: Jul 2008
Posts: 578
Likes: 0
From: Sharon, MA
More than you needed to know about VW...I'm still praying for the takeover, muhahahahahaha!
Umm, I'd better rethink my user name and change it to BostonVWandohyeahIalsmotforgotPorschefan...
07-11-2009 | 05:01 PM
#30
Nordschleife Master
Joined: Jun 2003
Posts: 5,312
Likes: 18
From: Los Altos, CA
VW sweetens bid for half of Porsche AG
The PAG / VW deal is getting closer ...
VW sweetens bid for half of Porsche AG
Sat Jul 11, 2009 By Christiaan Hetzner
FRANKFURT (Reuters) - Volkswagen has sweetened its bid to purchase almost half of sports car maker Porsche AG and is prepared to offer considerably more than 4 billion euros ($5.58 billion), Germany's Der Spiegel reported. The weekly magazine wrote on Saturday that Wendelin Wiedeking, the chief executive of heavily indebted parent Porsche SE, still considered the amount insufficient in talks over the possible sale of a 49.9 percent stake in its healthy, wholly-owned manufacturer of 911 Carrera coupes.
Wiedeking prefers a rival concept to reduce debt that entails the aid of Sheikh Hamad bin Khalifa al-Thani, ruler of the natural gas-rich Gulf state of Qatar. Der Spiegel wrote the sheikh has stated his willingness, via an investor agreement, to offer 7 billion euros for both a stake of just over 25 percent in the listed holding and Porsche SE's cash-settled options in VW stock that Wiedeking used to hedge the cost of his failed stealth takeover of VW. An industry source told Reuters on Saturday the 7 billion euros was a realistic amount.
Separately Spiegel's closest rival Focus reported that Volkswagen was working on a legal concept of how to save the Porsche and Piech families that own Porsche SE some 1 billion euros as part of a sale to VW -- money that otherwise would be lost as tax revenue for the finance ministry. The news emerged as the rival Porsche and Piech clans get set for a supervisory board meeting on July 23 that should decide on the future of the company.
UNANIMITY IN ADVANCE
German newspapers Frankfurter Allgemeine Zeitung and Stuttgarter Zeitung both reported that because of a contractual agreement between the two factions not to split their votes at board meetings, the families would meet in advance to decide. Porsche and Volkswagen declined to comment. Volkswagen reportedly originally bid between 3 billion and 4 billion euros for the stake, in a deal that would reverse the balance of power following Wiedeking's ambitious attempt to acquire 75 percent of VW's voting stock.
In the process, his automotive holding company racked up about 9 billion euros of net debt by the end of January, trying to swallow its much bigger rival Volkswagen before the financial crisis turned the tables on the would-be predator. Now that its gamble to take over VW has backfired, Porsche is fighting for influence in a potential union with the world's No.3 car company and its stable of brands spanning Bugatti and Lamborghini to the Volkswagen Golf.
Sat Jul 11, 2009 By Christiaan Hetzner
FRANKFURT (Reuters) - Volkswagen has sweetened its bid to purchase almost half of sports car maker Porsche AG and is prepared to offer considerably more than 4 billion euros ($5.58 billion), Germany's Der Spiegel reported. The weekly magazine wrote on Saturday that Wendelin Wiedeking, the chief executive of heavily indebted parent Porsche SE, still considered the amount insufficient in talks over the possible sale of a 49.9 percent stake in its healthy, wholly-owned manufacturer of 911 Carrera coupes.
Wiedeking prefers a rival concept to reduce debt that entails the aid of Sheikh Hamad bin Khalifa al-Thani, ruler of the natural gas-rich Gulf state of Qatar. Der Spiegel wrote the sheikh has stated his willingness, via an investor agreement, to offer 7 billion euros for both a stake of just over 25 percent in the listed holding and Porsche SE's cash-settled options in VW stock that Wiedeking used to hedge the cost of his failed stealth takeover of VW. An industry source told Reuters on Saturday the 7 billion euros was a realistic amount.
Separately Spiegel's closest rival Focus reported that Volkswagen was working on a legal concept of how to save the Porsche and Piech families that own Porsche SE some 1 billion euros as part of a sale to VW -- money that otherwise would be lost as tax revenue for the finance ministry. The news emerged as the rival Porsche and Piech clans get set for a supervisory board meeting on July 23 that should decide on the future of the company.
UNANIMITY IN ADVANCE
German newspapers Frankfurter Allgemeine Zeitung and Stuttgarter Zeitung both reported that because of a contractual agreement between the two factions not to split their votes at board meetings, the families would meet in advance to decide. Porsche and Volkswagen declined to comment. Volkswagen reportedly originally bid between 3 billion and 4 billion euros for the stake, in a deal that would reverse the balance of power following Wiedeking's ambitious attempt to acquire 75 percent of VW's voting stock.
In the process, his automotive holding company racked up about 9 billion euros of net debt by the end of January, trying to swallow its much bigger rival Volkswagen before the financial crisis turned the tables on the would-be predator. Now that its gamble to take over VW has backfired, Porsche is fighting for influence in a potential union with the world's No.3 car company and its stable of brands spanning Bugatti and Lamborghini to the Volkswagen Golf.
