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    Jun 23, 2006 11:40:39 AM

    GM AustinM
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    Porsche Intends to Acquire a Further 3.9 pct Stake in VW

    From Forbes:

    Click HERE for Link

    Quote:
    FRANKFURT (AFX) - Porsche AG said it intends to acquire a further 3.9 pct of Volkswagen AG shares, taking its total stake in the carmaker to a blocking minority level of 25.1 pct.

    It said it has submitted an application to the German Cartel Office to obtain clearance for the plans.

    It said the Cartel Office is expected to clear the plans swiftly and once approved, Porsche will increase the shareholding in VW.

    Porsche had already said last autumn that it intends to exercise an option to acquire more shares in VW.


    Jun 23, 2006 12:27:04 PM

    EricAlain
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    Reply to: GM AustinM

    Re: Porsche Intends to Acquire a Further 3.9 pct Stake in VW


    If I remember correctly, Porsche disclosed they bought this call option last September. The additional cost for them will be around Euro 500m.

    With 25.1% of the voting rights, Porsche will have a blocking minority. For now their voting rights are "capped" at around 20% because of the "VW" law but this restriction should be lifted within the next 12 month hence the willingness to make sure they have a blocking minority.

    Jun 23, 2006 12:43:33 PM

    GM AustinM
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    Reply to: EricAlain

    Re: Porsche Intends to Acquire a Further 3.9 pct Stake in VW

    I do recall the call option, but unless my memory is defective, exercising that option would only have brought them to a 22% stake. I don't recall the exact numbers and a review of PAG press releases was not helpful, but I do think 25% is 2-3% more than what I thought they had options on.

    Jun 23, 2006 1:19:35 PM

    EricAlain
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    Reply to: GM AustinM

    Re: Porsche Intends to Acquire a Further 3.9 pct Stake in VW


    The option is on 3.9% and will allow them to go from 21.2% to 25.1% (magical number).

    Actually, the situation is a bit more complicated. In the past, VW held approximately 10% of its own shares in treasury shares which had no voting rights. VW decided to cancel them early 2006, therefore Porsche's stake in VW increased mechanically by around 10% even if voting rights stayed the same.

    Going forward with the "VW Law" being lifted % stake and voting rights will be equivalent. However Porche's economic interest in VW is much lower because VW has 2 classes of shares (voting and non voting (pref.)). Porsche currently has a 15% economic interest (ie is consolidating 15% of VW's net earnings).

    Jun 23, 2006 2:03:09 PM

    911digital Offline
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    Reply to: EricAlain

    Re: Porsche Intends to Acquire a Further 3.9 pct Stake in VW

    I wish porsche would tell vw to use those circlips on the pinsionshaft again.....

    porsche should just by the whole lot and show people how proper vw's should be made, nice and light not big and heavy.

    Jun 23, 2006 8:34:33 PM

    GM AustinM
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    Reply to: EricAlain

    Re: Porsche Intends to Acquire a Further 3.9 pct Stake in VW

    These are the numbers I more or less recall; 18.5% with an option on 3.4% more. Also, interesting rumor in this story, don't you think? Sounds like Porsche planned to go to 25% all along.

    From HSPN News - LINK
    Quote:
    Dr. Ing. h.c. F. Porsche AG, Stuttgart, denies a report by Wirtschaftswoche online that appeared this afternoon, claiming that Porsche intends to increase its holding in Volkswagen AG to 24.9%. Wirtschaftswoche online alleges that this was announced by Porsche CEO, Dr. Wendelin Wiedeking, in an internal meeting with Porsche managers at the Tokyo Motor Show.

    The Porsche CEO did not make these or other alleged statements quoted by Wirtschaftswoche online to either journalists or Por-sche managers. The position of Porsche AG remains that a share of 18.53% of ordinary VW shares has been acquired to date. Furthermore, the Company has hedged against a further rise in the price of VW ordinary shares and can acquire a further 3.4% on the market.

    Dr. Wendelin Wiedeking: "We are currently in positive talks that will find a common denominator for the interests of Porsche AG, Volkswagen AG and the State of Lower Saxony."


    Jun 24, 2006 3:18:42 PM

    nberry Offline
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    Reply to: EricAlain

    Re: Porsche Intends to Acquire a Further 3.9 pct Stake in VW

    Quote:
    EricAlain said:

    The option is on 3.9% and will allow them to go from 21.2% to 25.1% (magical number).

    Actually, the situation is a bit more complicated. In the past, VW held approximately 10% of its own shares in treasury shares which had no voting rights. VW decided to cancel them early 2006, therefore Porsche's stake in VW increased mechanically by around 10% even if voting rights stayed the same.

    Going forward with the "VW Law" being lifted % stake and voting rights will be equivalent. However Porche's economic interest in VW is much lower because VW has 2 classes of shares (voting and non voting (pref.)). Porsche currently has a 15% economic interest (ie is consolidating 15% of VW's net earnings).



    Given their respective positions in stock holdings, isn't a merger only matter of time? How can VW remain independent when a competitor has a blocking interest?

    Jun 25, 2006 2:40:14 AM

    911fan
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    Reply to: nberry

    Re: Porsche Intends to Acquire a Further 3.9 pct Stake in VW

    I just hope Porsche/VW/Audi doesnt become like Ford/Lincoln/Mercury

    Jun 25, 2006 4:11:22 AM

    GM AustinM
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    Reply to: 911fan

    Re: Porsche Intends to Acquire a Further 3.9 pct Stake in VW

    Don't you mean Ford/Lincoln/Mercury/Volvo/Jaguar/Aston Martin?

    Jun 25, 2006 6:50:00 AM

    MKW
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    Reply to: GM AustinM

    Re: Porsche Intends to Acquire a Further 3.9 pct Stake in VW

    Quote:
    GM Austin said:
    Don't you mean Ford/Lincoln/Mercury/Volvo/Jaguar/Aston Martin?



    You left out Mazda and Land Rover !

    Ford Motor Company's global brands

    Jun 25, 2006 7:09:19 AM

    Jeff (in SF)
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    Reply to: 911fan

    Re: Porsche Intends to Acquire a Further 3.9 pct Stake in VW

    Quote:
    911fan said:
    I just hope Porsche/VW/Audi doesnt become like Ford/Lincoln/Mercury



    Or Fiat/Ferrari

    Jun 25, 2006 4:49:54 PM

    911fan
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    Reply to: Jeff (in SF)

    Re: Porsche Intends to Acquire a Further 3.9 pct Stake in VW

    hahah

    Jun 28, 2006 10:15:22 AM

    KresoF1
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    Reply to: 911fan

    Re: Porsche Intends to Acquire a Further 3.9 pct Stake in VW

    Here is another interesting article with same subject:
    http://www.pistonheads.com/news/default.asp?storyId=14288
     
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