The creation of the Integrated Automotive Group between Volkswagen and Porsche was finalized on August 1 as planned. “The path is now finally clear for a bright future together. Even closer cooperation will enable us to significantly strengthen Volkswagen and Porsche, and further expand the Group’s product portfolio with fascinating new vehicles”, said Prof. Dr. Martin Winterkorn, Chairman of Volkswagen Aktiengesellschaft’s Board of Management, in Wolfsburg on Wednesday. Continue reading ‘Volkswagen and Porsche finalize creation of Integrated Automotive Group’
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Volkswagen Aktiengesellschaft and Porsche Automobil Holding SE (Porsche SE) are to create the integrated automotive group through the contribution in full of Porsche’s automotive business to the Volkswagen Group, with the move expected to already take effect as of August 1, 2012. The relevant governing bodies of the two companies approved the plan for this today. The move will allow the integrated automotive group consisting of Volkswagen and Porsche to become reality some two years earlier than would have been economically feasible under the put/call options provided for in the Comprehensive Agreement signed in August 2009.
Volkswagen AG (VOW3), Europe’s largest carmaker, is closing in on a deal to purchase the remaining 50.1 percent stake in Porsche SE’s automotive business that it does not already own, people familiar with the matter said.
Approval from German tax authorities is one of the hurdles to an agreement, which VW and Porsche (PAH3) are still negotiating, the people said, declining to be identified discussing private talks. VW may announce the plan within the next two weeks, the people said. VW (VOW3) is considering setting up an umbrella company to purchase the stake, according to one of the people. Continue reading ‘Volkswagen Close to Deal for Porsche Stake’
Dr. Ing. h.c. F. Porsche AG, Stuttgart, honored last year’s ten best suppliers at the Porsche works in Leipzig. First prize went to Hella KGaA Hueck & Co. from Lippstadt, which manufactures innovative headlight systems for the sports car manufacturer. Uwe-Karsten Stadter, since April head of the newly created procurement position on the Porsche AG Board of Management said: “Recent months have been characterized first and foremost by an unexpectedly rapid recovery in the world economy as well as the tragic events in Japan. That the consequences for Porsche have been kept to a minimum is also attributable to the particular efforts of the suppliers.” Continue reading ‘Hella KGaA Hueck & Co. tops Porsche ten best suppliers list’
Porsche believes it needs to fill a hole in their product range. This hole exist between the 911 GT2 RS and the 918 Spyder. In their eyes, this would enable them to broaden and sustain growth.
There has always been a lot of chatter around the fact that Porsche has numerous versions of the 911. Maybe they’ve realized this, yet are seeing leaks of the 991 and now a new Targa. Continue reading ‘Porsche to introduce model between 911 GT2 RS and 918 Spyder’
Porsche SE has scheduled an extraordinary general meeting for mid-December as it presses on with preparations for a merger with Volkswagen, brushing aside any remaining hurdles.
“We are preparing everything necessary for the planned combination,” Porsche’s Chief Financial Officer Hans Dieter Poetsch said at the company’s annual shareholders’ meeting on Friday. Continue reading ‘Porsche SE schedules EGM to take vote on merger with VW’
Porsche SE raised 4.9 billion euros ($7.1 billion) in a rights offering, boosting the sports-car maker’s chances of completing a merger with Volkswagen AG. (VOW)
A total of 99.7 percent of the available preferred shares were bought in the rights offering, with the remainder sold on the open market, the Stuttgart, Germany-based company said today in an e-mailed statement. The Porsche and Piech families, who control the common stock, also participated. Continue reading ‘Porsche Sells $7.1 Billion in Rights Offering’
Porsche SE, the sports-car maker that plans to merge with Volkswagen AG (VOW), has had a very high acceptance rate for its 5 billion-euro ($7.3 billion) rights offering, a person familiar with the matter said.
Stuttgart, Germany-based Porsche is still tabulating the final results of the sale to existing shareholders that ended at midnight, the person said, declining to be identified because the information isn’t public yet. The company hasn’t extended the offer period, the person said. Continue reading ‘Porsche Said to Gain High Acceptance Rate in Rights Offering’