Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Porsche plans to take absolute control of VW November 26]]>http://www.autoblog.com/2008/10/07/porsche-plans-to-take-absolute-control-of-vw-november-26/http://www.autoblog.com/2008/10/07/porsche-plans-to-take-absolute-control-of-vw-november-26/http://www.autoblog.com/2008/10/07/porsche-plans-to-take-absolute-control-of-vw-november-26/#commentsFiled under: ,


For a few years there at large profile gatherings in America - especially sporting events - people wielding signs that referenced the Bible passage "John 3:16" and said things like "Be prepared" and "The end is nigh" were a common sight. We wouldn't be surprised if signs began showing up around VW headquarters that read "He is coming, 26-11-08." But the "he" they'd be referring to is Wendelin Wiedeking, CEO of Porsche, now that Porsche has announced its plans to take a greater-than-50-percent share in VW before the end of November.

Porsche's annual meeting is on November 26. The company hasn't said how big a stake it plans to take, nor when it will be doing the taking, but it's apparently ready to get this whole VW-ownership escapade into an endgame. There are still legal issues and technical challenges and Lower Saxony to deal with, but we have a feeling it's going to be a lot more difficult to argue with the phrase "absolute majority."

[Source: Automotive News, sub. req'd]

Porsche plans to take absolute control of VW November 26 originally appeared on Autoblog on Tue, 07 Oct 2008 17:59:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>europegermanylower saxonyLowerSaxonyporscheporsche buying vwporsche buys volkswagenPorscheBuyingVwPorscheBuysVolkswagenvolkswagenvwvw lawVwLawTue, 07 Oct 2008 17:59:00 EST<![CDATA[Porsche raises stake in VW again, makes offer for Audi]]>http://www.autoblog.com/2008/09/16/porsche-raises-stake-in-vw-again-makes-offer-for-audi/http://www.autoblog.com/2008/09/16/porsche-raises-stake-in-vw-again-makes-offer-for-audi/http://www.autoblog.com/2008/09/16/porsche-raises-stake-in-vw-again-makes-offer-for-audi/#commentsFiled under: , ,


Porsche has raised its stake yet again in Volkswagen, going from a bit above 30% ownership in the German giant to a solid 35.14%. The purchase apparently gives Porsche, or rather the company that owns Porsche - Porsche Automobil Holding SE - control over VW. It released a statement today that said, "as a result of this acquisition, Volkswagen... has become a subsidiary of Porsche Automobil Holding SE." Pursuant to German securities law, Porsche also made an offer to purchase Audi at the bare minimum stock price of 487 euros per share. Though Porsche says there are no plans to separate Audi from VW, it's unlikely VW will accept the offer anyway. All of this is but a single step on Porsche's long path to securing more than 50% ownership in VW. In the meantime, VW representatives will now have a seat on Porsche Automobil Holding's employee council and supervisory board. The power struggle between these two companies will undoubtedly continue, with Porsche Chairman Wolfgang Porsche leading the charge for his company while his cousin, Ferdinand Piech, holds court for Volkswagen and the powerful labor unions that are trying to stop this takeover.

[Source: Automotive News, sub. req'd]

Porsche raises stake in VW again, makes offer for Audi originally appeared on Autoblog on Tue, 16 Sep 2008 12:32:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>porsche buys volkswagenporsche volkswagenporsche vwPorscheBuysVolkswagenPorscheVolkswagenPorscheVwTue, 16 Sep 2008 12:32:00 EST