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Re: Porsche buys 20% of Volkswagen!
Quote:
farina said:
here is the source:
http://www.spiegel.de/wirtschaft/
Google translation of that article:
Quote:
Stuttgart - Federal Minister for Economic Affairs Wolfgang Clement (SPD) called the announced entrance of Porsche with Volkswagens good signal for the domestic industry. "the intended participation of Porsche with VOLKSWAGEN is well good for both enterprises and for the location Germany", commentated Clement today. It is glad that with Porsche an investor thinking on a long-term basis wants to enter with the Wolfsburger autocompany.
After an appropriate message MIRROR had today confirmed Porsche to want to acquire 20 per cent of the capital stock of Volkswagens. When reason for the unexpected chess move, which would cost the natives of stuttgart after present Volkswagen share quotation to approximately three billion euro, called Porsche boss Wendelin Wiedeking the position, which had VOLKSWAGEN for Porsche as development partner and a supplier. Besides it wants to make a hostile takeover of VOLKSWAGEN in this way impossible through third.
Praise came also from the Prime Minister of Baden-Wuerttemberg Guenther Oettinger. It rated the planned entrance as courageous step to the safety device of jobs. "with the participation will on a long-term basis jobs in Baden-Wuerttemberg and Lower Saxony secured", let the CDU politician about the state chancellery in Stuttgart communicate. It is a "courageous and farsighted commitment" from Porsche. "this share acquisition strengthens all possibilities of the co-operation of Porsche and Volkswagen with the research and development of future vehicle generations", judged Oettinger. The raid of Porsche shows besides that hostile takeovers of the German industry could successfully be repelled.
Also Volkswagen reacted pleased to the announcement. A stable shareholder structure is very important for an automobile business put on on a long-term basis, said Volkswagen speaker franc dormer in wolf castle. By a participation of Porsche past co-operation between VOLKSWAGEN and Stuttgart sportscar manufacturers additionally one strengthen.
The industrial union metal sees the planned Deal likewise positive. "that is well good for the enterprise and for the location Germany", said trade union speaker Georgios Arwanitidis of the "Frankfurt round rundschau". The entrance of Porsche as a large shareholder with VOLKSWAGEN is the "logical continuation" of good co-operation between the two autofarmers in the past years. From view of the industrial union metal it is to be welcomed that thereby a hostile takeover is made more difficult.
The country Lower Saxony as a shareholder largest with distance welcomed the planned entrance the Porsche AG with Volkswagens likewise expressly. "the federal state government of Lower Saxony is pleased about the interest the Porsche AG, large shareholder the VOLKSWAGEN AG to become", was called it in one in Hanover spread report. In the plan a large chance for the automobile country Germany lies regarding quality, image and technical innovation. "we are in good discussions", explained the federal state government. "the country stands to its commitment with Volkswagens."
Lower Saxony holds at present approximately 18.2 per cent of the shares of Volkswagens. By the Volkswagen law of 1960 is besides the controlling influence of the country on all business decisions in wolf castle secured. Exactly this special role does not want to accept the European commission any longer and complains therefore before the European Court of Justice (EuGH). If Brussels should become generally accepted, a commitment of Porsche would be an effective protection from hostile takeovers. At present two US investment companies with approximately ten and approximately five per cent are to the country Lower Saxony the largest shareholders with of Europe largest autofarmer. The companies Porsche and VOLKSWAGEN cooperate already both in production and in the development.
Re: Porsche buys 20% of Volkswagen!
From the Financial Times:
Quote:
Porsche, the world's most profitable carmaker, is planning to become the largest shareholder in Volkswagen through a stake of 20 per cent in a surprise move that will change the face of the German automotive industry.
The purchase, costing at least Euro 3.3bn based on Friday's closing price, will help secure VW against the prospect of a hostile takeover and strengthen the independence of Porsche, a family-controlled company.
It underlines the relative financial strengths of the companies as Porsche, which sold 88,000 cars last year, takes a stake in Europe's largest carmaker, with sales of 5.1m vehicles but a loss from its main VW brand.
Wendelin Wiedeking, Porsche's chief executive, said: "This 'German solution' we are seeking is an essential prerequisite for the stable development of Volkswagen". He highlighted the importance of the relationship between the two companies: VW helps manufacture Porsche's Cayenne and they are co-operating in the development of petrol-electric hybrid engines.
Ferdinand Piëch, VW's supervisory board chairman and one of Porsche's largest shareholders, is seen as a main driver in the deal.
Both VW and Lower Saxony, the local state that is VW's largest shareholder with an 18 per cent stake, welcomed the move. Porsche underlined that "under no circumstances" would it consider a takeover of VW.
"It looks like the old habit of a German industrial solution," said Jürgen Pieper, analyst at Bankhaus Metzler. "In the short-term Porsche's investors will dislike it but it could make sense in the long-term."
Porsche will finance the deal out of its large cash pile. It has already bought a stake of under 5 per cent in the market and is eyeing the 13 per cent VW owns.
Merrill Lynch is advising Porsche.
Re: Porsche buys 20% of Volkswagen!
Thanks for the news Farina,
I am surprised by the lack of reaction of this post!
It is monumental!
Porsche becomes the first shareholder of the group in front of the lander of Sax.
Which means, they will in the mid term control the future of Brands like Lamborghini and Bentley.
What a amazing success story, from a family company on the verge of bankrupcy less than 10 years ago to most successful car company in the world.
Little Porsche now has control over VW, Audi, Lambo, Bentley, Seat, Skoda, etc.
They will be the green light approvers for new models!
I am surprised by the lack of reaction of this post!
It is monumental!
Porsche becomes the first shareholder of the group in front of the lander of Sax.
Which means, they will in the mid term control the future of Brands like Lamborghini and Bentley.
What a amazing success story, from a family company on the verge of bankrupcy less than 10 years ago to most successful car company in the world.
Little Porsche now has control over VW, Audi, Lambo, Bentley, Seat, Skoda, etc.
They will be the green light approvers for new models!
Re: Porsche buys 20% of Volkswagen!
Quote:
GM Austin said:Quote:
farina said:
here is the source:
http://www.spiegel.de/wirtschaft/
Google translation of that article:
Quote:
The country Lower Saxony as a shareholder largest with distance welcomed the planned entrance the Porsche AG with Volkswagens likewise expressly. "the federal state government of Lower Saxony is pleased about the interest the Porsche AG, large shareholder the VOLKSWAGEN AG to become", was called it in one in Hanover spread report. In the plan a large chance for the automobile country Germany lies regarding quality, image and technical innovation. "we are in good discussions", explained the federal state government. "the country stands to its commitment with Volkswagens."
Lower Saxony holds at present approximately 18.2 per cent of the shares of Volkswagens. By the Volkswagen law of 1960 is besides the controlling influence of the country on all business decisions in wolf castle secured. Exactly this special role does not want to accept the European commission any longer and complains therefore before the European Court of Justice (EuGH). If Brussels should become generally accepted, a commitment of Porsche would be an effective protection from hostile takeovers. At present two US investment companies with approximately ten and approximately five per cent are to the country Lower Saxony the largest shareholders with of Europe largest autofarmer. The companies Porsche and VOLKSWAGEN cooperate already both in production and in the development.
Volkswagen Law? I don't suppose anyone could take the time to explain what this is..
The above transcript seems like it might explain a lot of the reasons behind the buy, but without a real translation it's hard to make up ones mind.. Lets hope Porsche can help VW get their margins up so we can keep a strong european car industry
elysium
Re: Porsche buys 20% of Volkswagen!
Quote:
Fanch said:
Thanks for the news Farina,
I am surprised by the lack of reaction of this post!
It is monumental!
Porsche becomes the first shareholder of the group in front of the lander of Sax.
Which means, they will in the mid term control the future of Brands like Lamborghini and Bentley.
What a amazing success story, from a family company on the verge of bankrupcy less than 10 years ago to most successful car company in the world.
Little Porsche now has control over VW, Audi, Lambo, Bentley, Seat, Skoda, etc.
They will be the green light approvers for new models!
Well, I'm really suprised by the news. Just over a year ago everyone thought that VW would end up taking a large stake in Porsche. I'm not sure how VW is structured though and what entity Porsche are actually investing in. If it is VW Group (i.e. including Audi, Lambo etc) then it is truely a monumental deal. If it is just VW cars, then it is much less significant.
Re: Porsche buys 20% of Volkswagen!
I agree completely Fanch, this is huge! 
Atlantis: It is not just the VW line, it is the entire company.
GermanCarFans and TheCarConnection have articles on it this morning but nothing new. There is something more about the "Volkswagen Law" that the European Court is expected to rule on in 2007. I don't understand that.
Atlantis: It is not just the VW line, it is the entire company.
GermanCarFans and TheCarConnection have articles on it this morning but nothing new. There is something more about the "Volkswagen Law" that the European Court is expected to rule on in 2007. I don't understand that.
Re: Porsche buys 20% of Volkswagen!
I wonder how long this deal has been planned? Could it be partly the reason why the Cayman is pitched at a price above the Boxster as so not to affect Audi TT MK2 sales?
What does this now mean for product overlap between Porsche, Audi & Lambo? IIRC correctly, Audi were planning to release the 911-rivalling "Le Mans" in 2007. Will this now be scrapped?
What does this now mean for product overlap between Porsche, Audi & Lambo? IIRC correctly, Audi were planning to release the 911-rivalling "Le Mans" in 2007. Will this now be scrapped?
Re: Porsche buys 20% of Volkswagen!
Don't think it will.
Brands will still develop cars on their own but Porsche will have its say now that's all.
Future will be interesting, three SUV all practically identical! The Touareg, the Cayenne and the Q7, all controlled by Porsche now!
At least the Lambos and 911 are rather different in looks and character.
Well RC, Porsche definitely doesn't need to develop a diesel Cayenne now!
New is causins quite a stir, Porsche's share has plummeted today over 12% 
Brands will still develop cars on their own but Porsche will have its say now that's all.
Future will be interesting, three SUV all practically identical! The Touareg, the Cayenne and the Q7, all controlled by Porsche now!
At least the Lambos and 911 are rather different in looks and character.
Well RC, Porsche definitely doesn't need to develop a diesel Cayenne now!
New is causins quite a stir, Porsche's share has plummeted today over 12%
Re: Porsche buys 20% of Volkswagen!
from this article on bbc: http://news.bbc.co.uk/1/hi/business/4281864.stm
now that would be interesting! A 80 000 cars/year company taking over a 5,1 millions cars/year company
elysium
Quote:
A spokesman for Porsche looked to calm concerns that the move may be a prelude to a full-blown takeover move.
"The stake will in no case reach the level at which Porsche would have to make a public offer to take over VW," the company said.
now that would be interesting! A 80 000 cars/year company taking over a 5,1 millions cars/year company
elysium
Re: Porsche buys 20% of Volkswagen!
Fanch wrote: ...
I am surprised by the lack of reaction of this post! It is monumental!
Yes!
Wasn't it some of our forum members who meets the porsche boss at the beginning of this year by saying the following words: Look until october because there will be a big surprise...
We thought of the panamera but this model was only one part of the truth.
I am surprised by the lack of reaction of this post! It is monumental!
Yes!
Wasn't it some of our forum members who meets the porsche boss at the beginning of this year by saying the following words: Look until october because there will be a big surprise...
We thought of the panamera but this model was only one part of the truth.
Re: Porsche buys 20% of Volkswagen!
Correct Farina,
It was me, my dealer told me he had a few beers with wiedeking at Camp 4 in Finland and the latter told him, expect a monumental news in October, one that will change the face of the automobil industry.
Two unknowns in my statement:
- Is my dealer telling the truth, I know him and I would say he's not bullshiting
- What is that news.
Porsche taking over VW, Audi, Lambo, Bently, Skoda and Seat would be a pretty big news indeed!
It was me, my dealer told me he had a few beers with wiedeking at Camp 4 in Finland and the latter told him, expect a monumental news in October, one that will change the face of the automobil industry.
Two unknowns in my statement:
- Is my dealer telling the truth, I know him and I would say he's not bullshiting
- What is that news.
Porsche taking over VW, Audi, Lambo, Bently, Skoda and Seat would be a pretty big news indeed!
Re: Porsche buys 20% of Volkswagen!
Quote:
GM Austin said:
...There is something more about the "Volkswagen Law" that the European Court is expected to rule on in 2007. I don't understand that.
Fanch,
this issue is more extensively discussed on the German forum.
I personally wanted to wait a couple of days until more news would be out.
The "Volkswagen Law" is - I bet there is someone else who knows more about it - is due to the financial participation of the State Lower Saxony in Volkswagen. There is some rule that VW cannot be taken over by a hostile opponent right now. This whole issue caused some stirr since it dilutes the competitive environment.
That's my 02 cents - hope it helped a bit!
Re: Porsche buys 20% of Volkswagen!
Porsche taking over VW, Audi, Lambo, Bently, Skoda and Seat would be a pretty big news indeed!
This means that no one of this companies can rule against porsche.
IMO there are two winners of the deal: The piech/porsche family from austria (especially Mr. Piech) and
Mr. WiedeKING, who is the next KING/leader of volkswagen.
Mr. Pischetsrieder is the big loser. I think this puppet will be executed soon by the family.
This means that no one of this companies can rule against porsche.
IMO there are two winners of the deal: The piech/porsche family from austria (especially Mr. Piech) and
Mr. WiedeKING, who is the next KING/leader of volkswagen.
Mr. Pischetsrieder is the big loser. I think this puppet will be executed soon by the family.
Re: Porsche buys 20% of Volkswagen!
I've been reading some other news articles on the buyout. There is some speculation that Merrill Lynch may have purchased stock on Porsche's behalf to make up the remaining 13-15% necessary to get to 20%.
I have been wondering if there may be some stock swap possibility. VW owns 13% of it's own stock that it could play with.
Also, I read that Wiedeking has assured everyone this will not affect Panamera plans and that project remains fully funded.
I have been wondering if there may be some stock swap possibility. VW owns 13% of it's own stock that it could play with.
Also, I read that Wiedeking has assured everyone this will not affect Panamera plans and that project remains fully funded.
Re: Porsche buys 20% of Volkswagen!
Quote:
sdy284 said:
PORSCHE DROPS PLANS TO BUY VW <---click the link
I think you misintrepreted the headline. The headline reads:
Porsche drops on plan to take VW stake
They mean to say that "Porsche (stock) drops on (news of the) plan to take VW stake".
Porsche stock, according to this article, dropped 11.7% after news of their VW stock purchase intentions became public.
i finally getcha...my bad 
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