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    Jul 24, 2008 3:11:41 PM

    Ron (Houston)M
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    Ron (Houston)
    Loc: Houston, TX , United States
    Posts: 8812, Gallery
    Registered on: Apr 10, 2002

    EU grants Porsche permission......

    EU grants Porsche permission to purchase VW.

    http://www.autoblog.com/2008/07/24/eu-grants-porsche-permission-to-purchase-vw/

    Jul 24, 2008 4:27:13 PM

    EricAlain
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    EricAlain
    Loc: Paris, France , France
    Posts: 1037, Gallery
    Registered on: Nov 14, 2002
    Reply to: Ron (Houston)M

    Re: EU grants Porsche permission......

    Hi Ron,

    That was out yesterday and there was very little doubt they would not get the clearance.

    By the way they already received the permission in the US.

    They believe they will have ALL permissions (17 countries) by end of August.

    Jul 24, 2008 9:01:41 PM

    ADias
    Rennteam Pro
    ADias
    Loc: Southwest USA , United States
    Posts: 2495, Gallery
    Registered on: Apr 9, 2004
    Reply to: EricAlain

    Re: EU grants Porsche permission......

    Quote:
    EricAlain said:
    Hi Ron,

    That was out yesterday and there was very little doubt they would not get the clearance.

    By the way they already received the permission in the US.

    They believe they will have ALL permissions (17 countries) by end of August.



    Isn't it ridiculous that a German company needs to get merger permission outside Germany? The same happens with US companies' mergers being vetted in the EU. Strange controlling world we live in.

    And as far as US-EU relations... the US rarely opposes a European merger, whereas the EU mostly opposes US companies' mergers.

    Jul 25, 2008 8:00:50 AM

    EricAlain
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    EricAlain
    Loc: Paris, France , France
    Posts: 1037, Gallery
    Registered on: Nov 14, 2002
    Reply to: ADias

    Re: EU grants Porsche permission......


    The permission has to be granted NOT for Industrial businesses but for Financial Services, that are considered as banks.

    So in every single country in which Porsche and Volkswagen operate Financial Services (ie banks) they need to get the clearance.

    It is may be only a question of semantic but it's not a merger, it's a take-over (pure and simple).

    Porsche is buying Volkswagen and will not merge the 2 entities.

    Jul 26, 2008 3:22:58 AM

    ADias
    Rennteam Pro
    ADias
    Loc: Southwest USA , United States
    Posts: 2495, Gallery
    Registered on: Apr 9, 2004
    Reply to: EricAlain

    Re: EU grants Porsche permission......

    Quote:
    EricAlain said:

    The permission has to be granted NOT for Industrial businesses but for Financial Services, that are considered as banks.

    So in every single country in which Porsche and Volkswagen operate Financial Services (ie banks) they need to get the clearance.

    It is may be only a question of semantic but it's not a merger, it's a take-over (pure and simple).

    Porsche is buying Volkswagen and will not merge the 2 entities.




    Yeah sure... in M&A lingo a takeover is a merger these days. Everyone knows that Porsche Automobil Holding will control VAG and PAG as separate entities, in a profitable incestuous relationship.
     
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