We'll all be driving a VW very soon
07-22-2009 | 11:48 AM
#31
Racer
Joined: Dec 2008
Posts: 453
Likes: 0
Looks like its may not happen.. €3b tax liability
http://www.managementtoday.co.uk/cha...s-vw-bid-spin/
http://www.managementtoday.co.uk/cha...s-vw-bid-spin/
Piech is no idiot. Being a grandson of Porsche, I would think he understands the "necessity" in keeping the Porsche brand pure and would even take pride in it.
This may be a good thing.
07-22-2009 | 11:52 AM
#32
Thread Starter
Registered User
Joined: Dec 2007
Posts: 820
Likes: 1
From: Europe
Sure its predicted...
"But now with the chequered flag in sight, it emerges that completing the deal could land Porsche with a £3bn tax bill – more than enough in the current economic climate to put the kybosh on the whole thing."
"But now with the chequered flag in sight, it emerges that completing the deal could land Porsche with a £3bn tax bill – more than enough in the current economic climate to put the kybosh on the whole thing."
07-22-2009 | 02:45 PM
#34
King of Cool
Rennlist Member
Rennlist Member
Joined: May 2001
Posts: 14,218
Likes: 8
From: Miami Beach, FL
You've seen the last Porsche prototype in racing. Read Michael Cotton's new article in Panorama, from now on all prototypes will be Audis, and Porsche will be the GT racing arm of the company. This info comes from an unnamed Weissach motorsports engineer, and Mr. Cotton's connections go way back. P!sses me off more than words can express, I was waiting for a Porsche LMP1 built to the ACO's 2011 rules to go to the big race in France, but it won't happen. I root against the Audi prototypes, I LOVED seeing Peugeot win this year.
07-22-2009 | 03:12 PM
#35
Rennlist Member
Joined: Mar 2002
Posts: 881
Likes: 1
From: Los Altos, CA
Dr. W could not have been responsible for the decision to take over VW. That had to come from the Porsche side of the family. It seems like purely an ego thing and a family feud between Porsches and Piechs.
We are probably the losers although our cars will probably go up in value as the days of "real" Porsches will be coming to an end
We are probably the losers although our cars will probably go up in value as the days of "real" Porsches will be coming to an end
07-23-2009 | 04:36 AM
#36
Instructor
Joined: Nov 2007
Posts: 116
Likes: 0
From: Victoria Australia
porsche news
Porsche boss, financial director resign
From correspondents in Frankfurt
Agence France-Presse
July 23, 2009 03:59pm
Sitting pretty ... the chairman of luxury carmaker Porsche will get an $87 million payoyut following his resignation today / AP
Porsche boss, financial director quit
Boss to get $87 million payout
Porsche in $17.4 billion debt
THE chairman and financial director of German luxury carmaker Porsche have resigned "with immediate effect" the company said.
In a statement the firm said an agreement on the resignations of Chairman Wendelin Wiedeking and financial director Holger Haerter had been reached with the supervisory board.
Mr Wiedeking - said to be the best-paid executive in Germany - will get a golden handshake worth €50 million ($87 million), with half that sum going to a "social foundation".
The multi-million dollar handshake comes as Porsche finds itself in €10 billion debt.
Porsche's current production chief Michael Macht is to succeed Mr Wiedeking, who together with Mr Haerter, was the architect of Porsche's bid to take over Volkswagen, Europe's biggest carmaker.
Related Coverage
Payback: $406m in tax owingYour Say
Ridiculous is all i can say.........
(Read More)
Anne of Sydney Porsche announced earlier today that it would seek a boost in capital of at least €5 billion to create an integrated group with Volkswagen.
The decision was taken at a meeting of the supervisory committee held yesterday in southwestern Germany, one day ahead of schedule, in a bid to seal a historic alliance with Volkswagen.
"The basis for the creation of an integrated group between Porsche SE and Volkswagen AG has thus been laid," the builder of the 911 sports car said.
Porsche, which owns about 51 per cent of Volkswagen, did not say who would take part in the raising of capital that would give it new liquidity to allow it to pay off, at least partially, its huge debt.
It accumulated debt of more than €10 billion amid failed efforts to seize full control of VW - Europe's biggest carmaker. Porsche was forced to abandon attempts to win control over 75 per cent of VW leaving it in control of a stake of nearly 51 per cent.
The Porsche and Piech families - which control all the voting shares at Porsche SE - have been at loggerheads for months over how to resolve its debt woes and the role Volkswagen would play in the whole deal.
A sale of Porsche AG to Volkswagen would help Porsche SE pay off most of its debt. The sale of a package of financial instruments which can be converted in to a further 20 per cent stake in VW would further bolster Porsche's finances.
Shares of Volkswagen closed 1 per cent higher at €251.95, while Porsche's stock closed up 2.2 per cent at €51.61, on European markets overnight.
- with Reuters
EmailPrintShare:
From correspondents in Frankfurt
Agence France-Presse
July 23, 2009 03:59pm
Sitting pretty ... the chairman of luxury carmaker Porsche will get an $87 million payoyut following his resignation today / AP
Porsche boss, financial director quit
Boss to get $87 million payout
Porsche in $17.4 billion debt
THE chairman and financial director of German luxury carmaker Porsche have resigned "with immediate effect" the company said.
In a statement the firm said an agreement on the resignations of Chairman Wendelin Wiedeking and financial director Holger Haerter had been reached with the supervisory board.
Mr Wiedeking - said to be the best-paid executive in Germany - will get a golden handshake worth €50 million ($87 million), with half that sum going to a "social foundation".
The multi-million dollar handshake comes as Porsche finds itself in €10 billion debt.
Porsche's current production chief Michael Macht is to succeed Mr Wiedeking, who together with Mr Haerter, was the architect of Porsche's bid to take over Volkswagen, Europe's biggest carmaker.
Related Coverage
Payback: $406m in tax owingYour Say
Ridiculous is all i can say.........
(Read More)
Anne of Sydney Porsche announced earlier today that it would seek a boost in capital of at least €5 billion to create an integrated group with Volkswagen.
The decision was taken at a meeting of the supervisory committee held yesterday in southwestern Germany, one day ahead of schedule, in a bid to seal a historic alliance with Volkswagen.
"The basis for the creation of an integrated group between Porsche SE and Volkswagen AG has thus been laid," the builder of the 911 sports car said.
Porsche, which owns about 51 per cent of Volkswagen, did not say who would take part in the raising of capital that would give it new liquidity to allow it to pay off, at least partially, its huge debt.
It accumulated debt of more than €10 billion amid failed efforts to seize full control of VW - Europe's biggest carmaker. Porsche was forced to abandon attempts to win control over 75 per cent of VW leaving it in control of a stake of nearly 51 per cent.
The Porsche and Piech families - which control all the voting shares at Porsche SE - have been at loggerheads for months over how to resolve its debt woes and the role Volkswagen would play in the whole deal.
A sale of Porsche AG to Volkswagen would help Porsche SE pay off most of its debt. The sale of a package of financial instruments which can be converted in to a further 20 per cent stake in VW would further bolster Porsche's finances.
Shares of Volkswagen closed 1 per cent higher at €251.95, while Porsche's stock closed up 2.2 per cent at €51.61, on European markets overnight.
- with Reuters
EmailPrintShare:
07-23-2009 | 01:52 PM
#37
Three Wheelin'
Joined: Oct 2006
Posts: 1,433
Likes: 3
From: On the Faultline
07-23-2009 | 02:07 PM
#38
Rennlist Member
Joined: Jun 2005
Posts: 1,107
Likes: 17
From: Holly Springs, NC
Let's see how smart the people that run VW and Porsche will be.
I see no more reason for a Porsche SUV or Porsche 4-door sedan, let Audi do that crap. Let Audi go as upmarket as it wants with sedans and blingmobile SUVs.
Let Porsche be to VW as Ferrari is to FIAT, build sportscars and only sportscars.
There's no more need for an R8, let Porsche build not just flat 6 rear engined and flat 6 mid engined cars but also V8 mid-engined cars. Let Lambo be the exotic funky styled sportscar maker in the company (i.e. slightly higher entry point than a Carrera). Let VW and the other variants like Skoda and Seat build the lower priced hatches and sedans.....
How hard can this task be ? watch them screw it up.... The entire reason for Cayennes and ButtsterPanameras was to bring in funds to keep Porsche independent. That need is gone. Let Porsche return to being a niche sportscar maker, it's what they do best.
I am STILL P!SSED off about Audi being the prototype racing company and Porsche just focusing on GTs. Look what the RS Spyder did in the ALMS. Prototypes should still be Porsche's mission...... rant rant rant.....
I see no more reason for a Porsche SUV or Porsche 4-door sedan, let Audi do that crap. Let Audi go as upmarket as it wants with sedans and blingmobile SUVs.
Let Porsche be to VW as Ferrari is to FIAT, build sportscars and only sportscars.
There's no more need for an R8, let Porsche build not just flat 6 rear engined and flat 6 mid engined cars but also V8 mid-engined cars. Let Lambo be the exotic funky styled sportscar maker in the company (i.e. slightly higher entry point than a Carrera). Let VW and the other variants like Skoda and Seat build the lower priced hatches and sedans.....
How hard can this task be ? watch them screw it up.... The entire reason for Cayennes and ButtsterPanameras was to bring in funds to keep Porsche independent. That need is gone. Let Porsche return to being a niche sportscar maker, it's what they do best.
I am STILL P!SSED off about Audi being the prototype racing company and Porsche just focusing on GTs. Look what the RS Spyder did in the ALMS. Prototypes should still be Porsche's mission...... rant rant rant.....