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Will Porsche take over VW?

 
Truck Trend
Administrator
Posts: 4666
Joined: 02/07
Posted: 04/30/07 03:14 PM

Fromthe looks of things, Porsche jsut might take over...



Porsche slightly improves VW bid

Automotive News / April 30, 2007 - 8:00 am /
 
FRANKFURT (Reuters) -- Porsche launched its required takeover offer for Volkswagen at marginally improved terms today, still aiming for less than a majority stake in VW.

Porsche, which is already the largest shareholder in VW, was required to bid for Europe's biggest carmaker after Porsche's voting stake exceeded 30 percent in March, but it has made clear it is not striving for majority control at this stage.

Porsche is now offering 100.92 euros, or $137.36 at current exchange rates, for each Volkswagen ordinary share and 65.54 euros, or $89.21, per preference share, according to bid documents published on the Internet, valuing Europe's biggest carmaker at nearly $49.01 billion (36 billion euros).

The price for the ordinary shares was as envisaged, while Porsche had originally planned to offer 65.45 euros for the preference shares.

German regulators have approved the offer, which runs until May 29.

Volkswagen declined to comment.

Porsche has said that making a bid now means it would not have to make subsequent mandatory takeover offers should it raise its VW stake in future, thus giving it the flexibility to counter any move on VW by hedge funds or private equity houses.

Porsche and the German state of Lower Saxony, which has around 20 percent of VW, together control more than half the votes in the carmaker.

Porsche has said it wants to defend its close ties with Volkswagen -- which provides content for a third of the vehicles Porsche sells -- in case a German law that limits individuals' voting rights in VW is repealed this year, as expected.  

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thekoof
Enthusiast
Posts: 312
Joined: 05/07
Posted: 05/01/07 08:10 PM

The sad thing is that they want to kill off Bugatti though. Frown  

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.CJ
User
Posts: 204
Joined: 03/07
Posted: 05/02/07 04:07 PM

Why the *** would they want to kill Bugatti?  Bithcers.  

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thekoof
Enthusiast
Posts: 312
Joined: 05/07
Posted: 05/02/07 06:38 PM

They call it a big waste of money.  

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Truck Trend
Administrator
Posts: 4666
Joined: 02/07
Posted: 05/04/07 05:15 PM

UPDATE!!

Icon Quote:

Porsche to decide on new holding company for VW stake

Gerhard Mauerer  |  Automotive News / May 4, 2007 - 10:10 am /
 

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Porsche will June 26 decide on setting up a European public company to oversee its stake in Volkswagen group.

The new holding company intends to trade under the name of "Porsche Automobil Holding SE," according to the invitation to a shareholders' meeting published Friday in Börsen-Zeitung and Frankfurter Allgemeine Zeitung.

Porsche announced the establishment of a holding company under the legal form of SE at the end of March when it increased its share in VW to more than 30 percent. The new holding company will own 100 percent of the shares in what is now Porsche, along with Porsche's 30.9 percent share in VW.

The sportscar manufacturer's operational business is to be spun off into a subsidiary under the company's original trading name of "Dr. Ing. h.c. F. Porsche AG."

Porsche previously said that its intention in doing this was to guarantee that its operational business could be kept separate from its VW holding. It did not make any specific comment on a name or location for the new holding company in its announcement in March.

Having increased its stake to more than 30 percent, Porsche submitted an obligatory takeover offer for VW on Monday. However, at 100.92 euros per common stock, the offer falls some way short of VW's current share price. Industry experts therefore expect shareholders to reject the offer. The news from Stuttgart is that Porsche has no intention of acquiring a majority stake in VW at this time. The offer closes on May 29.

Porsche will make a decision on its intended conversion to a European Company (Societas Europaea) at an extraordinary shareholders' meeting scheduled for June 26.

Societas Europaea, or SE for short, is a European public limited company. An SE may be created on registration in any one of the member states of the European Economic Area (EEA).




Source:
http://www.autonews.com/apps/pbcs.dll/article?AID=/20070504/ANE01/70504002/1116/BREAKING&refsect=BREAKING  

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