VW purchasing Porsche
07-18-2009, 07:07 PM
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VW purchasing Porsche
VW to pay $11.28 billion for all of Porsche, report says
Automotive News
July 18, 2009 - 12:01 am ET
UPDATED: 7/18/09 10:57 a.m. ET
FRANKFURT (Reuters) -- Porsche SE's controlling families will agree on Thursday to accept an offer by Volkswagen to buy its sports car business Porsche AG for roughly 8 billion euros ($11.28 billion), Der Spiegel reported on Saturday.
Germany's leading weekly magazine wrote that the rival Porsche and Piech clans, which own 100 percent of Porsche SE votes, will approve the two-stage takeover at a supervisory board meeting on July 23.
Volkswagen would purchase a 49.9 percent stake in Porsche AG and at a later date acquire the rest, in a deal that would create an integrated automotive group with 10 brands under the leadership of the Wolfsburg-based carmaker.
The sale would help Porsche SE pay off most of its debt, which two sources told Reuters has ballooned to considerably more than 10 billion euros.
Der Spiegel also said embattled Porsche SE and Porsche AG CEO Wendelin Wiedeking is negotiating over a severance package that could total more than 100 million euros. In the meantime, production chief Michael Macht will replace him as head of Porsche AG, the magazine reported.
On Thursday, Wiedeking rejected speculation he was about to leave the group.
Asked on Saturday whether the two families have reached a decision for the July 23 board meeting, Porsche spokesman Anton Hunger said "we have not been informed of one," adding that the Spiegel report was speculation that the company would not comment on.
Separately rival German weekly magazine Focus reported that Volkswagen's powerful chairman and part-owner of Porsche, Ferdinand Piech, plans to remove Wiedeking on Thursday from the influential six-man steering committee on the VW supervisory board.
The vacancy could open up the opportunity for Piech's cousin and rival, Wolfgang Porsche, VW supervisory board member and Porsche SE chairman, to replace Wiedeking in the committee as a representative of his side of the family.
The grandfather of Wolfgang Porsche and Ferdinand Piech was Ferdinand Porsche, designer of the Beetle and founder of Volkswagen.
Automotive News
July 18, 2009 - 12:01 am ET
UPDATED: 7/18/09 10:57 a.m. ET
FRANKFURT (Reuters) -- Porsche SE's controlling families will agree on Thursday to accept an offer by Volkswagen to buy its sports car business Porsche AG for roughly 8 billion euros ($11.28 billion), Der Spiegel reported on Saturday.
Germany's leading weekly magazine wrote that the rival Porsche and Piech clans, which own 100 percent of Porsche SE votes, will approve the two-stage takeover at a supervisory board meeting on July 23.
Volkswagen would purchase a 49.9 percent stake in Porsche AG and at a later date acquire the rest, in a deal that would create an integrated automotive group with 10 brands under the leadership of the Wolfsburg-based carmaker.
The sale would help Porsche SE pay off most of its debt, which two sources told Reuters has ballooned to considerably more than 10 billion euros.
Der Spiegel also said embattled Porsche SE and Porsche AG CEO Wendelin Wiedeking is negotiating over a severance package that could total more than 100 million euros. In the meantime, production chief Michael Macht will replace him as head of Porsche AG, the magazine reported.
On Thursday, Wiedeking rejected speculation he was about to leave the group.
Asked on Saturday whether the two families have reached a decision for the July 23 board meeting, Porsche spokesman Anton Hunger said "we have not been informed of one," adding that the Spiegel report was speculation that the company would not comment on.
Separately rival German weekly magazine Focus reported that Volkswagen's powerful chairman and part-owner of Porsche, Ferdinand Piech, plans to remove Wiedeking on Thursday from the influential six-man steering committee on the VW supervisory board.
The vacancy could open up the opportunity for Piech's cousin and rival, Wolfgang Porsche, VW supervisory board member and Porsche SE chairman, to replace Wiedeking in the committee as a representative of his side of the family.
The grandfather of Wolfgang Porsche and Ferdinand Piech was Ferdinand Porsche, designer of the Beetle and founder of Volkswagen.
07-18-2009, 08:01 PM
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Der Spiegel is known to disseminate a lot of misinformation... We shall see if that's what happens. Wolfgang denies most of that.
07-23-2009, 10:52 AM
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Latest news on the integration of VW and Porsche
STUTTGART, Germany - Volkswagen AG said Thursday it has agreed on a concept for an integrated company with Porsche led by VW.
Earlier, Porsche’s chief executive Wendelin Wiedeking said he is leaving the luxury sports car maker after 16 years at the helm, a move that was widely expected to clear the way for a merger with Volkswagen AG.
The board for Porsche Automobil Holding SE said Thursday that Wiedeking, 56, and chief financial officer Holger Haerter, 53, were leaving with immediate effect from the heavily indebted company that makes the 911 sports car and Cayenne SUV.
...Porsche is facing the consequences of a failed takeover bid for much-larger Volkswagen, which led Porsche to incur some 9 billion euros ($13.8 billion) in debt. A merger with VW would raise the possibility of Porsche becoming one of Volkswagen’s brands, which also include Lamborghini and Bentley.
...Porsche’s top employee representative felt otherwise. “There will be no merger. Porsche AG will stay independent,” said Uwe Hueck, the head of Porsche’s works council. Porsche employs some 10,000 people while Volkswagen, employs some 370,000 workers worldwide.
...“In the end, both companies and both families want to keep their fortune and multiply it, and this will weld them together,” he said.
Source: Complete article - click here
STUTTGART, Germany - Volkswagen AG said Thursday it has agreed on a concept for an integrated company with Porsche led by VW.
Earlier, Porsche’s chief executive Wendelin Wiedeking said he is leaving the luxury sports car maker after 16 years at the helm, a move that was widely expected to clear the way for a merger with Volkswagen AG.
The board for Porsche Automobil Holding SE said Thursday that Wiedeking, 56, and chief financial officer Holger Haerter, 53, were leaving with immediate effect from the heavily indebted company that makes the 911 sports car and Cayenne SUV.
...Porsche is facing the consequences of a failed takeover bid for much-larger Volkswagen, which led Porsche to incur some 9 billion euros ($13.8 billion) in debt. A merger with VW would raise the possibility of Porsche becoming one of Volkswagen’s brands, which also include Lamborghini and Bentley.
...Porsche’s top employee representative felt otherwise. “There will be no merger. Porsche AG will stay independent,” said Uwe Hueck, the head of Porsche’s works council. Porsche employs some 10,000 people while Volkswagen, employs some 370,000 workers worldwide.
...“In the end, both companies and both families want to keep their fortune and multiply it, and this will weld them together,” he said.
Source: Complete article - click here
07-23-2009, 03:31 PM
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They can't merge under current conditions because of tax reasons:
http://online.wsj.com/article/SB124811464594565963.html
http://online.wsj.com/article/SB124811464594565963.html
