Porsche in the News
05-17-2009, 03:23 PM
#31
Burning Brakes
Thread Starter
VW Halts Merger Talks With Porsche Amid Rift
VW Halts Merger Talks With Porsche Amid Rift
FRANKFURT (Dow Jones)--Volkswagen AG (VOW.XE) said Sunday that talks about an integrated company with its majority shareholder Porsche Automobil Holding SE (PAH3.XE) scheduled for Monday have been canceled.
"Volkswagen shares the view of Mr Osterloh that there is currently no atmosphere for constructive talks," said Volkswagen spokesman Peik von Bestenbostel, referring to remarks from Volkswagen's top labor representative Bernd Osterloh.
Von Bestenbostel said Volkswagen remains open to constructive talks with Porsche, but said it remains uncertain if and when talks could resume.
Porsche spokesman Albrecht Bamler said the company will stick to the agreed confidentiality of the talks and declined to elaborate further.
Volkswagen's move underscores the rift between the two companies over the future management and structure of a combined enterprise.
On May 6, Porsche's owner families, Porsche and Piech, decided to enter into talks with the Wolfsburg-based auto giant over forging an integrated company with 10 independent brands, including Porsche's coveted sports-car operations.
Porsche's net debt soared to EUR9 billion as it built its 51% shareholding in Europe's largest automaker by sales, effectively forcing it to abandon its plan to push for a 75% stake and gain access to Volkswagen's cash reserves.
Remarks by Porsche's influential co-owner and Volkswagen supervisory board Chairman Ferdinand Piech made at an evening event May 11 in Sardinia, Italy, have put pressure on Porsche Chief Executive Wendelin Wiedeking and Chief Financial Officer Holger Haerter.
Among other things, Piech said Porsche must deal with its debt level first before entering a combined company as Volkswagen won't solve this. He also said a combined company would be based in Wolfsburg, backed Volkswagen's Chief Executive Martin Winterkorn and described a rumored purchase price of EUR11 billion for Porsche as "a few billion to high."
Porsche supervisory board chairman Wolfgang Porsche, who opposes a sale of Porsche's sportscar operations, so far hasn't publicly commented on the controversial remarks by his cousin Piech. Both men and several other family members are set to meet Monday at a gathering of Porsche's supervisory board. Porsche's labor representatives are planning to stage protests Monday against the latest move by Piech.
The Porsche and Piech families control 100% of the voting stock at Porsche.
Porsche spokesman Bamler reiterated that the company can finance its credit payments and confirmed that Porsche might get an outside investor on board.
The histories of Volkswagen and Porsche have been deeply entrenched ever since Ferdinand Porsche designed Volkswagen's iconic Beetle in the 1930s.
Volkswagen's supervisory board chairman and former chief executive Piech is the grandson of Ferdinand Porsche.
But the family ties between the Porsche and Piech clans have once again been put to the test after the latest remarks by Ferdinand Piech as he seeks to maintain his grip on a European auto empire offering vehicles ranging from the ultra-luxury Bugatti Veyron sportscar to Scania's heavy trucks.
FRANKFURT (Dow Jones)--Volkswagen AG (VOW.XE) said Sunday that talks about an integrated company with its majority shareholder Porsche Automobil Holding SE (PAH3.XE) scheduled for Monday have been canceled.
"Volkswagen shares the view of Mr Osterloh that there is currently no atmosphere for constructive talks," said Volkswagen spokesman Peik von Bestenbostel, referring to remarks from Volkswagen's top labor representative Bernd Osterloh.
Von Bestenbostel said Volkswagen remains open to constructive talks with Porsche, but said it remains uncertain if and when talks could resume.
Porsche spokesman Albrecht Bamler said the company will stick to the agreed confidentiality of the talks and declined to elaborate further.
Volkswagen's move underscores the rift between the two companies over the future management and structure of a combined enterprise.
On May 6, Porsche's owner families, Porsche and Piech, decided to enter into talks with the Wolfsburg-based auto giant over forging an integrated company with 10 independent brands, including Porsche's coveted sports-car operations.
Porsche's net debt soared to EUR9 billion as it built its 51% shareholding in Europe's largest automaker by sales, effectively forcing it to abandon its plan to push for a 75% stake and gain access to Volkswagen's cash reserves.
Remarks by Porsche's influential co-owner and Volkswagen supervisory board Chairman Ferdinand Piech made at an evening event May 11 in Sardinia, Italy, have put pressure on Porsche Chief Executive Wendelin Wiedeking and Chief Financial Officer Holger Haerter.
Among other things, Piech said Porsche must deal with its debt level first before entering a combined company as Volkswagen won't solve this. He also said a combined company would be based in Wolfsburg, backed Volkswagen's Chief Executive Martin Winterkorn and described a rumored purchase price of EUR11 billion for Porsche as "a few billion to high."
Porsche supervisory board chairman Wolfgang Porsche, who opposes a sale of Porsche's sportscar operations, so far hasn't publicly commented on the controversial remarks by his cousin Piech. Both men and several other family members are set to meet Monday at a gathering of Porsche's supervisory board. Porsche's labor representatives are planning to stage protests Monday against the latest move by Piech.
The Porsche and Piech families control 100% of the voting stock at Porsche.
Porsche spokesman Bamler reiterated that the company can finance its credit payments and confirmed that Porsche might get an outside investor on board.
The histories of Volkswagen and Porsche have been deeply entrenched ever since Ferdinand Porsche designed Volkswagen's iconic Beetle in the 1930s.
Volkswagen's supervisory board chairman and former chief executive Piech is the grandson of Ferdinand Porsche.
But the family ties between the Porsche and Piech clans have once again been put to the test after the latest remarks by Ferdinand Piech as he seeks to maintain his grip on a European auto empire offering vehicles ranging from the ultra-luxury Bugatti Veyron sportscar to Scania's heavy trucks.
05-19-2009, 11:02 AM
#32
Burning Brakes
Thread Starter
Porsche looks for outside investor
Porsche looks for outside investor
GEORGE FREY
The Associated Press
May 19, 2009 at 7:01 AM EDT
FRANKFURT — German sports carmaker Porsche SE confirmed Tuesday it is looking for an outside investor, reportedly to help it pay off debt, after talks to form an “integrated company” with Volkswagen AG broke down over the last few days.
Stuttgart-based Porsche said Tuesday the likelihood that an outside investor would step in was good, and that the majority shareholders of the Porsche family were in favor of such a move, but made no further comment.
Porsche, which racked up large debts while increasing its stake in Wolfsburg-based Volkswagen last year, announced earlier this month it wanted to form an integrated company with VW, in effect merging the sports carmaker with Europe's largest auto company.
Porsche already holds about 51 percent of VW, but had wanted to increase its stake to 75 percent. In terms of shareholder ownership, the companies are therefore already combined, though a closer integration is expected to infringe more on Porsche independence as it seeks a financial lifeline.
Observers have speculated that Porsche will look to the Middle East for new capital, though it could be several weeks before any suitor emerges publicly.
Over the past several days, VW has indicated that it is not ready to jump into a partnership without a closer look at Porsche's finances, something Porsche seems reluctant to allow.
In a letter to employees obtained by the Associated Press Monday, VW chief executive Martin Winterkorn said the talks had been put on ice pending “clarification” from Porsche.
At the heart of the dispute is apparently some €9-billion ($12.2-billion U.S.) in net debt that Porsche — at the time Germany's most successful car maker — racked up in its attempt to take over the much larger VW last year.
Meanwhile on Monday, several thousand Porsche workers walked off their jobs to protest the proposed fusion of the two companies amid fears the storied brand could lose its elite status and workers would lose their jobs.
Porsche shares were less than a half a percent lower at euro41.10, while VW shares were up nearly 3 percent at euro225.50 in Frankfurt on Tuesday.
GEORGE FREY
The Associated Press
May 19, 2009 at 7:01 AM EDT
FRANKFURT — German sports carmaker Porsche SE confirmed Tuesday it is looking for an outside investor, reportedly to help it pay off debt, after talks to form an “integrated company” with Volkswagen AG broke down over the last few days.
Stuttgart-based Porsche said Tuesday the likelihood that an outside investor would step in was good, and that the majority shareholders of the Porsche family were in favor of such a move, but made no further comment.
Porsche, which racked up large debts while increasing its stake in Wolfsburg-based Volkswagen last year, announced earlier this month it wanted to form an integrated company with VW, in effect merging the sports carmaker with Europe's largest auto company.
Porsche already holds about 51 percent of VW, but had wanted to increase its stake to 75 percent. In terms of shareholder ownership, the companies are therefore already combined, though a closer integration is expected to infringe more on Porsche independence as it seeks a financial lifeline.
Observers have speculated that Porsche will look to the Middle East for new capital, though it could be several weeks before any suitor emerges publicly.
Over the past several days, VW has indicated that it is not ready to jump into a partnership without a closer look at Porsche's finances, something Porsche seems reluctant to allow.
In a letter to employees obtained by the Associated Press Monday, VW chief executive Martin Winterkorn said the talks had been put on ice pending “clarification” from Porsche.
At the heart of the dispute is apparently some €9-billion ($12.2-billion U.S.) in net debt that Porsche — at the time Germany's most successful car maker — racked up in its attempt to take over the much larger VW last year.
Meanwhile on Monday, several thousand Porsche workers walked off their jobs to protest the proposed fusion of the two companies amid fears the storied brand could lose its elite status and workers would lose their jobs.
Porsche shares were less than a half a percent lower at euro41.10, while VW shares were up nearly 3 percent at euro225.50 in Frankfurt on Tuesday.
06-01-2009, 05:45 PM
#33
Burning Brakes
Thread Starter
Porsche Still Aims For Integrated Co With Volkswagen
Porsche Still Aims For Integrated Co With Volkswagen
June 1.2009
FRANKFURT -(Dow Jones)- Porsche Automobil Holding SE (PAH3.XE) Monday reiterated its goal of creating an integrated automotive company with Volkswagen AG (VOW.XE).
In reaction to a resolution by Volkswagen's European workers' council calling for clarity on Porsche's financial situation, Porsche said it remains convinced an integrated automotive company remains the best industrial solution for all sides.
Porsche said it has a healthy financial basis, with an equity ratio of 45% and a double-digit profit margin. The company said it is still working to secure credit lines totaling EUR12.5 billion, of which EUR10 billion has already been secured.
In early May, Porsche agreed to enter talks with Volkswagen over combining the two companies after Porsche scrapped its effort to build up a 75% ownership stake in Volkswagen.
Company Web site: www.porsche-se.com
June 1.2009
FRANKFURT -(Dow Jones)- Porsche Automobil Holding SE (PAH3.XE) Monday reiterated its goal of creating an integrated automotive company with Volkswagen AG (VOW.XE).
In reaction to a resolution by Volkswagen's European workers' council calling for clarity on Porsche's financial situation, Porsche said it remains convinced an integrated automotive company remains the best industrial solution for all sides.
Porsche said it has a healthy financial basis, with an equity ratio of 45% and a double-digit profit margin. The company said it is still working to secure credit lines totaling EUR12.5 billion, of which EUR10 billion has already been secured.
In early May, Porsche agreed to enter talks with Volkswagen over combining the two companies after Porsche scrapped its effort to build up a 75% ownership stake in Volkswagen.
Company Web site: www.porsche-se.com
06-04-2009, 12:38 PM
#34
Burning Brakes
Thread Starter
Porsche posts the best sales month in North America
Porsche posts the best sales month in North America so far for 2009
Rise in deliveries to the USA for the third time in a row
Fonte: © PORSCHE.com - Pubblicata il 02/06/2009
Stuttgart - This May, Dr. Ing. h.c. F. Porsche AG, Stuttgart, posted its best sales figures so far for the current calendar year on the North American market. In total, 2,140 new cars were delivered to customers, of those 1,979 were purchased in the USA and 161 in Canada.
Porsche posts the best sales month in North America so far for 2009
Compared to last year's sales figures, May's figures still represent a decline of almost 29 percent overall, however the number of vehicles sold, compared to April 2009 – the best sales month of the year to date – has increased by about 5 percent. The market development in the USA is responsible for this positive trend where Porsche has been able to increase the monthly sales figures for the third time in a row.
The most popular model in North America is still the Cayenne. The athletic SUV was sold to 918 customers in May; this is about 26 percent less than last year. From the 911 series, 772 cars were sold, which is the equivalent of about a 14 percent decline compared to last year. Deliveries from the Boxster series totaled about 450 units; of those 198 were the Cayman and Cayman S models. Compared to May 2008, this is a drop of almost 48 percent.
Rise in deliveries to the USA for the third time in a row
Fonte: © PORSCHE.com - Pubblicata il 02/06/2009
Stuttgart - This May, Dr. Ing. h.c. F. Porsche AG, Stuttgart, posted its best sales figures so far for the current calendar year on the North American market. In total, 2,140 new cars were delivered to customers, of those 1,979 were purchased in the USA and 161 in Canada.
Porsche posts the best sales month in North America so far for 2009
Compared to last year's sales figures, May's figures still represent a decline of almost 29 percent overall, however the number of vehicles sold, compared to April 2009 – the best sales month of the year to date – has increased by about 5 percent. The market development in the USA is responsible for this positive trend where Porsche has been able to increase the monthly sales figures for the third time in a row.
The most popular model in North America is still the Cayenne. The athletic SUV was sold to 918 customers in May; this is about 26 percent less than last year. From the 911 series, 772 cars were sold, which is the equivalent of about a 14 percent decline compared to last year. Deliveries from the Boxster series totaled about 450 units; of those 198 were the Cayman and Cayman S models. Compared to May 2008, this is a drop of almost 48 percent.
06-09-2009, 10:46 AM
#35
Burning Brakes
Thread Starter
Porsche in exclusive talks with Qatar
Negotiations are aimed at easing carmaker's debt
HAMBURG, Germany — Reuters, Tuesday, Jun. 09, 2009 06:51AM EDT
Porsche is in exclusive talks to strike a deal with the Gulf state of Qatar that could ease the German automotive group's debt burden, Porsche said on Tuesday, confirming earlier reports.
“There are only talks with Qatar now,” a spokesman for the company said.
A person close to Porsche said that the company was in talks with investment fund Qatar Investment Authority (QIA) to sell a stake in its holding company via a capital increase of common shares or by divesting its options for Volkswagen shares.
The Financial Times had earlier reported that QIA could take a stake of up to 25 per cent in Porsche's holding company in a deal involving a capital increase of up to €4.5-billion ($6.25-billion U.S.).
A deal could be announced within weeks, the paper had said.
HAMBURG, Germany — Reuters, Tuesday, Jun. 09, 2009 06:51AM EDT
Porsche is in exclusive talks to strike a deal with the Gulf state of Qatar that could ease the German automotive group's debt burden, Porsche said on Tuesday, confirming earlier reports.
“There are only talks with Qatar now,” a spokesman for the company said.
A person close to Porsche said that the company was in talks with investment fund Qatar Investment Authority (QIA) to sell a stake in its holding company via a capital increase of common shares or by divesting its options for Volkswagen shares.
The Financial Times had earlier reported that QIA could take a stake of up to 25 per cent in Porsche's holding company in a deal involving a capital increase of up to €4.5-billion ($6.25-billion U.S.).
A deal could be announced within weeks, the paper had said.
07-18-2009, 12:00 PM
#37
Burning Brakes
Thread Starter
VW to pay $11.28 billion for all of Porsche
VW to pay $11.28 billion for all of Porsche: report
Sat Jul 18, 2009
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 Chief Executive 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.
Sat Jul 18, 2009
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 Chief Executive 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, 04:24 PM
#38
Drifting
Wow, what a mess. Amazing to see how quickly someone can go from hero to zero in the business world. One wrong over-reach and you're done. I hope this brings back some of the things that Porsche has lost over the years in terms of quality and passion.
07-23-2009, 03:42 PM
#39
Burning Brakes
Thread Starter
Porsche boss out as VW gets set to turn on its predator
Porsche boss out as VW gets set to turn on its predator
Robert Lea
23.07.09
The ambitious expansion plans of Porsche to become a dominant player in the German market were in tatters today, leaving the fast carmaker set to fall prey to Volkswagen, the company it had aimed to buy.
The grandiose dream of chief executive Wendelin Wiedeking to take Porsche to the top table of European carmakers was finally ended as he was forced to quit the company he has led for the last 16 years.
His finance chief Holger Haerter is following him out of the door as speculation grows that the much larger VW will within hours turn from prey to predator and launch a takeover to end the much-vaunted independence of Porsche.
The carmaker, which is based in Stuttgart, confirmed that Wiedeking is to get a staggering pay-off of €50 million (£43 million) while Haerter's redundancy terms are worth €12.5 million.
Wiedeking has been lauded as the man who turned round Porsche in the 1990s. But he then nearly bankrupted the company as he engaged in a power struggle with his VW arch-rival Ferdinand Piëch.
Porsche took a controlling stake in VW, but at a cost as it hit a wall of debt which rose at one stage to as much as €10 billion.
The Porsche board was meeting through the night. As well as showing the door to Wiedeking and other executives, the remaining directors have started preparations to try to raise money.
Those plans include the beginning of talks for the potential sale of a stake in Porsche to the Gulf state of Qatar and the go-ahead to raise €5 billion in a capital raising, as the Porsche-owning families signal that they are prepared to cede control.
The unanimous approval of the steps by the company's supervisory board, which was still meeting in the early hours of this morning signals that Porsche's owning families — the Porsche and Piech clans — are open to surrendering their influence at the sports car maker.
The Porsche and Piech families control 100% of Porsche's voting shares and have resisted selling a stake to an outsider in the past. Porsche amassed its debts as it tried to buy a 75% stake in VW, a move which backfired when credit markets turned sour.
Porsche still owns a 51% stake in VW, and many now expect Porsche's management board led by Wolfgang Porsche to open talks with VW.
Stefan Bratzel at Germany's Automotive Research Institute said: “Wiedeking's course has split the families and caused major irritations in Porsche's working ties with VW. Wiedeking has no place in a combined VW-Porsche carmaker.”
But other German analysts fear for the future of the iconic Porsche brand if its parent company become subsumed into a larger entity.
Robert Lea
23.07.09
The ambitious expansion plans of Porsche to become a dominant player in the German market were in tatters today, leaving the fast carmaker set to fall prey to Volkswagen, the company it had aimed to buy.
The grandiose dream of chief executive Wendelin Wiedeking to take Porsche to the top table of European carmakers was finally ended as he was forced to quit the company he has led for the last 16 years.
His finance chief Holger Haerter is following him out of the door as speculation grows that the much larger VW will within hours turn from prey to predator and launch a takeover to end the much-vaunted independence of Porsche.
The carmaker, which is based in Stuttgart, confirmed that Wiedeking is to get a staggering pay-off of €50 million (£43 million) while Haerter's redundancy terms are worth €12.5 million.
Wiedeking has been lauded as the man who turned round Porsche in the 1990s. But he then nearly bankrupted the company as he engaged in a power struggle with his VW arch-rival Ferdinand Piëch.
Porsche took a controlling stake in VW, but at a cost as it hit a wall of debt which rose at one stage to as much as €10 billion.
The Porsche board was meeting through the night. As well as showing the door to Wiedeking and other executives, the remaining directors have started preparations to try to raise money.
Those plans include the beginning of talks for the potential sale of a stake in Porsche to the Gulf state of Qatar and the go-ahead to raise €5 billion in a capital raising, as the Porsche-owning families signal that they are prepared to cede control.
The unanimous approval of the steps by the company's supervisory board, which was still meeting in the early hours of this morning signals that Porsche's owning families — the Porsche and Piech clans — are open to surrendering their influence at the sports car maker.
The Porsche and Piech families control 100% of Porsche's voting shares and have resisted selling a stake to an outsider in the past. Porsche amassed its debts as it tried to buy a 75% stake in VW, a move which backfired when credit markets turned sour.
Porsche still owns a 51% stake in VW, and many now expect Porsche's management board led by Wolfgang Porsche to open talks with VW.
Stefan Bratzel at Germany's Automotive Research Institute said: “Wiedeking's course has split the families and caused major irritations in Porsche's working ties with VW. Wiedeking has no place in a combined VW-Porsche carmaker.”
But other German analysts fear for the future of the iconic Porsche brand if its parent company become subsumed into a larger entity.
12-10-2009, 10:10 AM
#40
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Clever way of trying to sneak in your spam ad..NOT
