Cars
Following a meeting held earlier today (Monday, March 3), Porsche’s Supervisory Board authorized the Managing Board to go-ahead and initiate all steps needed to increase the sports carmaker stake in Volkswagen AG to more than 50 per cent. Porsche is already the biggest shareholder in the Volkswagen Group, with a 31 percent stake. Based on the current stock exchange price of approximately 150 Euro per ordinary share, the acquisition of a further 20 per cent in VW corresponds to an investment of almost ten billion Euro.
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In a story that started out with Porsche trying to take over Volkswagen only to end up the other way around, VW made a significant step towards its plan to integrate the German sports car brand by announcing today that it acquired a 49.9% stake in Porsche...
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Cars
Porsche’s Board Gives the Green-light to Buy Majority Stake in VW Group
Following a meeting held earlier today (Monday, March 3), Porsche’s Supervisory Board authorized the Managing Board to go-ahead and initiate all steps needed to increase the sports carmaker stake in Volkswagen AG to more than 50 per cent. Porsche is already the biggest shareholder in the Volkswagen Group, with a 31 percent stake. Based on the current stock exchange price of approximately 150 Euro per ordinary share, the acquisition of a further 20 per cent in VW corresponds to an investment of almost ten billion Euro.“Our aim is to create one of the strongest and most innovative automobile alliances in the world, which is able to measure up to the increased international competition.†Said Porsche Chief Executive Officer, Wendelin Wiedeking. “Our aspiration to become the majority shareholder of Volkswagen is good news for the employees of the Volkswagen Group and of Porsche. The decision of the Supervisory Board secures the long-term future of both companiesâ€. (Pic: Carscoop)
- Report: Fiat Group May Raise Its Chrysler Stake From 20% To 51%
Italian carmaker Fiat may increase its stake in the Chrysler LLC group from 20 per cent it owns today to 51 per cent before an initial public offering (IPO) by the U.S. automaker, the firm's chief executive officer, Sergio Marchionne, told reporters...
- Volkswagen Acquires 49.9% Stake In Porsche For €3.9 Billion
In a story that started out with Porsche trying to take over Volkswagen only to end up the other way around, VW made a significant step towards its plan to integrate the German sports car brand by announcing today that it acquired a 49.9% stake in Porsche...
- Volkswagen And Porsche Close Merger Deal
Europe's largest automaker, Volkswagen, and Porsche announced today that they reached an agreement to merge their operations to create an integrated automotive group led by VW. Under the agreement, Volkswagen will buy a 42 percent stake in Porsche's...
- Volkswagen Group Officially Takes Control Of Scania
The Volkswagen Group has received the necessary antitrust approvals from the E.U. and other countries worldwide to buy the majority of stakes in Swedish truck manufacturer Scania AB. Earlier this year, the German Group had reached an agreement with Investor...
- Porsche Ceo: "we’re All Set To Take Over Vw"
Porsche CEO Wendelin Wiedeking confirmed in an interview he gave to the Sunday Times (Oct 14, 2007) that his company is prepared to take control of VW, if Germany’s so-called “Volkswagen law†is ruled illegal next week (October 23)...