Crown

Board: Porsche Language: English Region: Worldwide Share/Save/Bookmark Close

Forum - Thread


    July 23 - Porsche SE Judgement Day

    Below is a very interesting analysis of the Porsche financial saga extracted from:

    The Truth about Cars - High Stakes Porsche Poker

    Transcription of an interesting comment:

    Volkswagen’s offer is for the carmaker Porsche AG, while Qatar’s offer is for the holding company Porsche SE. What Porsche would need most right now is time. Because the new VW law will fall eventually as well and then Porsche could go for Volkswagen’s cash reserves and settle all debts.

    So with that in mind, selling half of the Porsche AG to Volkswagen, only so that the Porsche SE can later take over Volkswagen and thereby take back full control of their car maker would make a lot of sense. The problem with this is however that Porsche AG is a collateral for the debts Porsche SE has. So by selling half of Porsche AG, Porsche SE’s credits would be callable immediately.

    Selling to Qatar would therefore be the safer option, although as you pointed out, it would mean that Porsche couldn’t take full control over Volkswagen, even after a possible fall of the VW law. Unless of course Porsche and Qatar came to an understanding that should the VW law fall, Qatar would vote in favor of a domination agreement between Porsche and VW.

    There’s also a third option that hasn’t been mentioned. Because apart from the Porsche SE and the Porsche AG, there is also the Porsche Holding GmbH. The Porsche GmbH is Europe’s biggest car dealer network and while it’s completely separated from both the Porsche AG & SE, it also belongs to the Porsche/Piech families. Many banks favor the idea that the Porsche/Piech families could bring the Porsche GmbH into the Porsche SE as a non-cash contribution. This would also buy Porsche some considerable time, while they could still keep all options on the table.

    And as a fourth option, the Porsche/Piech families could also pump a lot of their private money into the Porsche SE, but that is of course the least likely scenario. After all, nobody wants to part with their own, “hard-earned” money.

    All in all, the Qatar scenario seems to be the most likely one at this point, since that’s what Wiedeking wants and Wiedeking in return is backed by the Porsche family who controls the majority of the Porsche SE. On the other hand, Ferdinand Piech favors the sale to Volkswagen and the Piech family still holds a blocking minority. But if recent reports are to be trusted, Piech is even isolated within his own family regarding this deal, so we’ll have to wait and see whether he still has an ace up in his sleeve…

    However, if the two families can’t agree on either option 1 or 2, option 3 would all of a sudden seem to be very likely.

    --

    _________________________________________________________ 

    A. Dias --- 997.2S (ordered). Previous cars: Corvette C6,  996 C4.


    Re: July 23 - Porsche SE Judgement Day

    I don't see why bringing Porsche Holding GmbH to Porsche SE would give more flexibility to Porsche SE.

    What Porsche SE needs is CASH, nothing else... and I suspect Porsche Holding GmbH is NOT cash rich.

    I also suspect the Porsche/Piëch families cannot (or are not willing) to inject cash into Porsche SE hence the QIA (Qatar Investment Authority) story. It would be difficult to borrow against their Porsche Holding GmbH shares to inject cash into Porsche SE knowing that Porsche Holding GmbH owns 23.5% of Porsche SE ordinary shares....

    We should definitely know more on July 23


     
    Edit

    Forum

    Board Subject Last post Rating Views Replies
    Porsche Sticky The moment I've been waiting for... 1/2/22 1:35 AM
    Leawood911
     
     
     
     
     
    517336 1294
    Porsche Sticky OFFICIAL: New Porsche 911 Turbo S (2020) 11/8/21 7:43 PM
    Leawood911
    187110 1154
    Porsche Sticky Welcome to Rennteam: Cars and Coffee... (photos) 1/9/22 7:08 PM
    Wonderbar
    75600 401
    Porsche Sticky SUN'S LAST RUN TO WILSON, WY - 991 C2S CAB LIFE, END OF AN ERA (Part II) 1/19/22 1:24 PM
    Porker
    73866 758
    Porsche Sticky Porsche Taycan Turbo S - Short Review 1/3/22 7:55 AM
    Rossi
    56302 531
    Porsche Sticky ROAD TEST: New 992 Carrera 4S 3/3/21 10:57 PM
    Wonderbar
    50562 336
    Porsche Sticky Porsche extends the Taycan model range (Taycan 2WD) 2/1/21 12:42 PM
    Leawood911
    14046 29
    Porsche Sticky OFFICIAL: Cayman GT4 RS (2021) 1/15/22 10:41 PM
    watt
    1156 1
    Porsche Cayman GT4 10/5/21 7:04 PM
    Topspeed
    477797 3587
    Porsche OFFICIAL: 911 GT2 RS (2017) 9/28/21 3:25 AM
    WhoopsyM
    393241 3507
    McLaren McLaren on a winning streak 11/25/21 12:31 AM
    WhoopsyM
    388776 3949
    Porsche OFFICIAL: 991.2 GT3 RS (2018) 11/17/21 5:18 PM
    Rossi
    354234 3256
    Porsche OFFICIAL: 911 R (2016) 10/8/21 11:41 AM
    xpto
    325367 2647
    Porsche 992 GT3 1/18/22 7:30 AM
    GnilM
    295406 3314
    Porsche OFFICIAL: The new Porsche 992 – a design icon and high-tech sports car 9/29/21 1:59 AM
    watt
    257464 1587
    Porsche OFFICIAL: New Panamera (2016) 2/11/21 9:22 AM
    Itsme
    170236 1379
    Lambo Lamborghini Huracan and variants 4/9/21 4:32 PM
    Topspeed
    121569 1225
    Porsche Donor vehicle for Singer Vehicle Design 9/22/21 1:28 AM
    Leawood911
    105910 749
    Porsche Welcome to the new Taycan Forum! 12/22/21 7:10 PM
    Topspeed
    97876 1246
    McLaren F1 7/10/21 7:43 AM
    BiTurbo
    83923 209
    AMG AMG GT R 1/12/22 6:30 PM
    CGX car nut
    76731 828
    Lambo Aventador and SV 1/14/22 2:22 AM
    BiTurbo
    76478 699
    Others Tesla 2 the new thread 1/19/22 3:20 PM
    CGX car nut
    57473 1434
    Others Bugatti Chiron 1/13/22 11:07 PM
    kudryavchik
    45439 507
    Motor Sp. [2021] Formula 1 1/8/22 5:39 PM
    kudryavchik
    43833 1574
    Ferrari Ferrari 812 Superfast 12/15/21 8:04 PM
    Topspeed
    42601 533
    Porsche GT4RS 1/16/22 7:12 AM
    the-missile
    41701 731
    BMW M BMW M2 Rumors 7/7/21 8:38 PM
    Jim_in_Iowa
    31806 394
    Ferrari 488 Replacement 4/17/21 8:28 PM
    Rossi
    28472 370
    Lambo Urus (SUV) 7/21/21 6:22 PM
    Topspeed
    27640 592
    245 items found, displaying 1 to 30.