Sep 12, 2008 2:38:45 AM
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Ron (Houston)
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- Loc: Houston, TX , United States
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Board: Porsche
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Sep 12, 2008 3:00:40 AM
- ADias
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- Loc: Southwest USA , United States
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Reply to:
Ron (Houston)
Re: Is Porsche Boss in trouble ?
Quote:
ADias said:
This has been talked about for a while. Ferdinand Piech wants him out and his cousin Wolfgang Porsche supports him. I think WW had his time at PAG, but PAG might benefit from someone less iconoclast, albeit with a strong business sense.
Just noticed you haven't updated your avatar yet :
Re: Is Porsche Boss in trouble ?
Quote:
ADias said:
This has been talked about for a while. Ferdinand Piech wants him out and his cousin Wolfgang Porsche supports him. I think WW had his time at PAG, but PAG might benefit from someone less iconoclast, albeit with a strong business sense.
After what happened at a VW board meeting today, this situation might well come to a head in the near future. (Piech did not vote in support of the Porsche holding company's interests in a crucial board decision).
Re: Is Porsche Boss in trouble ?
Quote:
fritz said:Quote:
ADias said:
This has been talked about for a while. Ferdinand Piech wants him out and his cousin Wolfgang Porsche supports him. I think WW had his time at PAG, but PAG might benefit from someone less iconoclast, albeit with a strong business sense.
After what happened at a VW board meeting today, this situation might well come to a head in the near future. (Piech did not vote in support of the Porsche holding company's interests in a crucial board decision).
Do you have more details? and implications for the future?
Re: Is Porsche Boss in trouble ?
FT article
However, I just read a news report this morning that the Porsche clan wants to dethrone Piech after what happened at the board meeting.
IMO, they should just call it a hostile take-over and be done with it. End of story.
However, I just read a news report this morning that the Porsche clan wants to dethrone Piech after what happened at the board meeting.
IMO, they should just call it a hostile take-over and be done with it. End of story.
Re: Is Porsche Boss in trouble ?
Quote:
Tim said:
FT article
However, I just read a news report this morning that the Porsche clan wants to dethrone Piech after what happened at the board meeting.
However, it could be a Porsche family devious strategy to make Piech appear the "good guy" vis a vis the Unions and Wolfgang the "bad guy", depending on the issue.
Re: Is Porsche Boss in trouble ?
Quote:
reginos said:Quote:
Tim said:
FT article
However, I just read a news report this morning that the Porsche clan wants to dethrone Piech after what happened at the board meeting.
However, it could be a Porsche family devious strategy to make Piech appear the "good guy" vis a vis the Unions and Wolfgang the "bad guy", depending on the issue.
No..Wolfgang Porsche is pi**ed that his cousin sided with the unions at the last minute . OTOH, union support has always been the base of Peich's power , so no surprise.
Apparently , Porsche wanted control of VW especuially for Audi's aluminum space frame technology , as they need that for future emissions , safety mandates.
Re: Is Porsche Boss in trouble ?
Quote:
Tim said:
However, I just read a news report this morning that the Porsche clan wants to dethrone Piech after what happened at the board meeting.
IMO, they should just call it a hostile take-over and be done with it. End of story.
If only it were that easy!
The piquant aspect of this situation is the fact that voting rights in VW's Supervisory Board are not currently directly related to the stocks held by the "power blocs", so holding 51% of the stock would not necessarily guaranteee Porsche Holding being able to manage the company really effectively .
This episode demonstrated to Porsche that even if they bought the 20% they still need to to get to 51%, they might still be at the mercy of others marching to their own music.
Re: Is Porsche Boss in trouble ?
Quote:
Whoopsy said:
Piech did not born as a Porsche, he is born a Piech, he will never be loyal to the Porsche family.
I would not say that. Both Ferry and Louise (Piech) and some of their children were deeply involved in PAG. I think that the siblings troubles started in the 70s when Ferry decided to remove the family from day-to-day management duties - clearly a wise decision. F. Piech has always acted independently, but he is as much a Porsche as his cousins. In any case they should sort this out for their own good.
Re: Is Porsche Boss in trouble ?
Quote:
fritz said:Quote:
Tim said:
However, I just read a news report this morning that the Porsche clan wants to dethrone Piech after what happened at the board meeting.
IMO, they should just call it a hostile take-over and be done with it. End of story.
If only it were that easy!
The piquant aspect of this situation is the fact that voting rights in VW's Supervisory Board are not currently directly related to the stocks held by the "power blocs", so holding 51% of the stock would not necessarily guaranteee Porsche Holding being able to manage the company really effectively .
This episode demonstrated to Porsche that even if they bought the 20% they still need to to get to 51%, they might still be at the mercy of others marching to their own music.
With the ammended VW Law 51% will be 51% , whereas before the EU intervention, it was maximum voting power of 30%(?) irrespective of the % held.
However, even in the new Law drafted by the German ministry of justice there is still a blocking majority of 20% in a number of major decisions (like factory closures, relocations etc) whereas for "normal" companies this % is 25%. This means that the state of Saxony with its 20% will be able to block any anti-labour moves, if and when they happen.
However, this latter remnant of the old VW law is against EU law and inevitably it will also have to be deleted any time soon.
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