Cars
Porsche Denies Reports About Increasing VW Stake to 75 percent
Porsche has denied a weekend report in Germany's second biggest news magazine, Focus which claimed that the sportscar maker plans to raise its Volkswagen stake to 75 percent in order to approve a domination agreement at a shareholder meeting. Last week, 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. “In view of the fact that the German Federal State of Lower Saxony, as the second major shareholder, holds a stake of more than 20 percent in Volkswagen, the probability of acquiring the necessary shares from the remaining freefloat is very small indeedâ€, Porsche said in a statement it issued today.
According to Porsche, “The background of the current media reports is obviously provided by rumours on the Stock Exchange which can be traced back to the speculative mind games of analysts and investorsâ€. Ouch...
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Volkswagen To Finalize Porsche's Sports Car Business Takeover This August
Ending years of bickering between two of Germany's most successful automakers and the respective families that hold their fate, Volkswagen has announced that it will complete the buyout of the remaining 50.1 percent stake of Porsche's sports...
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Vw Group Completes Purchase Of Italdesign Giugiaro S.p.a
Europe's largest carmaker, the Volkswagen Group, completed the acquisition of Italdesign Giugiaro S.p.A. (IDG) on Monday and now holds a 90.1 percent stake in the Italian design and engineering firm as well as the company's brand name rights...
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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...
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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)...
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Breaking News: Porsche Asks European Commision’s Permission To Take Over Vw!
The never-ending Porsche-Volkswagen story has got a new twist in it as according to a report from Reuters, Porsche asked the European Commission for permission to take over Volkswagen. The E.U. has a time frame of one month (until July 2) to consider...
Cars