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#258110 - 17th Sep 2008 3:27pm Porsche increases its stake in VW!!!
StuyMac Offline

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Registered: 24th Nov 2003
Posts: 12002
Loc: Wirralshire
Something I never knew - tbh I thought VW would own Porsche, not the other way round, epecially when Audi are also part of VW... (VAG - Volkswagon Audi Group) think


Porsche has tightened its grip on VW by acquiring a further 4.89% stake in the company. The sportscar manufacturer now has a 35.14% stake in VW and has a lasting majority at the VW annual general meeting.

Dr. Wendelin Wiedeking, Chief Executive Officer of Porsche, said: ‘Our goal continues to be to increase our stake in Volkswagen to more than 50 per cent. Today’s step is a further milestone along this road.’ He added: ‘We look forward to continuing and intensifying our cooperation with the Managing Board of Volkswagen, which is based on a spirit of mutual trust, and are hoping for a quick resolution of the conflict between the employee representatives of Porsche and VW.’

By going above 35 per cent of the voting rights, Porsche will acquire de facto control of the Wolfsburg-based group. As a result, employee representatives of Volkswagen will now take seats in the Works Council of Porsche SE and the Supervisory Board of Porsche SE. As a result of the new shareholder structure, Porsche is required by law to submit a formal mandatory offer for the VW subsidiary Audi AG, Ingolstadt.

The relevant offer documents must be filed with the German Federal Agency for Financial Services Supervision within the next four weeks. This formality is a statutory requirement and has no effect whatsoever on the intentions of Porsche. Dr. Wiedeking commented: ‘We regard Audi as an integral part of the Volkswagen group and have no interest in removing the company from the group structure.’

In light of this, Porsche will only offer the minimum price prescribed by law for the shares, which is expected to be about 487 Euro per Audi share. Volkswagen has stated that it will not be accepting the offer for its 99.14 per cent of the Audi shares. In practice, therefore, the mandatory offer only relates to a freefloat of 0.86 per cent, representing approximately 370,000 Audi shares. Based on last Monday’s closing price, these are valued at approximately 170 million Euro.

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#258116 - 17th Sep 2008 3:30pm Re: Porsche increases its stake in VW!!! [Re: StuyMac]
mike849 Offline
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Registered: 20th May 2008
Posts: 776
Loc: hell/lincolnshire
if they were to take over what would happen to vw and audi?!
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#258120 - 17th Sep 2008 3:33pm Re: Porsche increases its stake in VW!!! [Re: mike849]
StuyMac Offline

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Registered: 24th Nov 2003
Posts: 12002
Loc: Wirralshire
They'd start sticking the engines in silly places - like in the boot of the Passat, Golf, and TT raftl
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#258122 - 17th Sep 2008 3:35pm Re: Porsche increases its stake in VW!!! [Re: StuyMac]
mike849 Offline
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Registered: 20th May 2008
Posts: 776
Loc: hell/lincolnshire
raftl they would probably rename the fleet as well!
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#258131 - 17th Sep 2008 3:48pm Re: Porsche increases its stake in VW!!! [Re: StuyMac]
golfvr Offline
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Registered: 13th Oct 2004
Posts: 1522
Loc: Birkenhead
Originally Posted By: StuyMac
They'd start sticking the engines in silly places - like in the boot of the Passat,


whooooooooooohooooooooooooooo Im in smile

Does that make my car a Porsche Passat Est, Im going to buy a Porsche keyring for my keys.


Fact is the 1st mass production and most famous Vw, The Beetle was designed and pioneered by Dr.Ferdinand Porsche.
Hence the links with Vw/Porsche

And Porsche also made Tractors,I kid thee not.

And on that bombshell

Do you homework as I'll be asking questions later.

Paul
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#258134 - 17th Sep 2008 3:50pm Re: Porsche increases its stake in VW!!! [Re: golfvr]
StuyMac Offline

Wiki Master

Registered: 24th Nov 2003
Posts: 12002
Loc: Wirralshire
As long as one of the questions isnt "Why did tehy sling the engine way out back - behind the rear axle?"

...I dont think anyone knows the answer to that, and its taken all this time to get them handling right raftl
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#258161 - 17th Sep 2008 4:16pm Re: Porsche increases its stake in VW!!! [Re: StuyMac]
mike849 Offline
Veteran

Registered: 20th May 2008
Posts: 776
Loc: hell/lincolnshire
raftl but when they stuck the engine in the front the car becomes a mostrosity for example the cayenne!
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