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[REPORT: Volkswagen confirms Karmann purchase, plans to build new car at factory in 2011]]>http://www.autoblog.com/2009/11/23/report-volkswagen-confirms-karmann-purchase-plans-to-build-new/http://www.autoblog.com/2009/11/23/report-volkswagen-confirms-karmann-purchase-plans-to-build-new/http://www.autoblog.com/2009/11/23/report-volkswagen-confirms-karmann-purchase-plans-to-build-new/#commentsFiled under: , ,



Volkswagen AG has announced it will be establishing a new manufacturing unit in Osnabrueck, located in VW's home state of Lower Saxony, Germany. Interestingly enough, VW will be purchasing the land, equipment, and machinery formerly owned by Karmann -- the coachbuilder and convertible roof specialists who manufactured the classic Beetle-based Karmann Ghia coupe (Karmann filed for bankruptcy protection in April, and has been struggling since).

Production of a new vehicle at the plant is slated to start in 2011. In the meantime, 200 people will be needed to open the plant next year, and VW is estimating more than 1,000 new jobs will be created by 2014. Volkswagen AG has not disclosed which model will be built at the plant, or any financial details.

[Source: Automotive News - Sub. Req.]

REPORT: Volkswagen confirms Karmann purchase, plans to build new car at factory in 2011 originally appeared on Autoblog on Mon, 23 Nov 2009 09:32:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>KarmannKarmann Ghiakarmann volkswagenkarmann vwKarmannGhiaKarmannSaleKarmannVolkswagenKarmannVwLower SaxonyLowerSaxonymanufacturingnew modelNewModelOsnabrueckPlantProductionVolkswagenVWMon, 23 Nov 2009 09:32:00 EST<![CDATA[Porsche-VW merger could take on new investors]]>http://www.autoblog.com/2009/05/19/porsche-vw-merger-could-take-on-new-investors/http://www.autoblog.com/2009/05/19/porsche-vw-merger-could-take-on-new-investors/http://www.autoblog.com/2009/05/19/porsche-vw-merger-could-take-on-new-investors/#commentsFiled under: , , ,



Volkswagen's second-largest shareholder, the German state of Lower Saxony, has the final say on the proposed Porsche-Volkswagen merger, and according to a spokesperson for the state's prime minister, Christian Wulff, the new company birthed from the union should be open to outside investors.

Currently, Porsche maintains 51% of VW's voting rights, with Lower Saxony coming in at 20% and miscellaneous investors comprising the final 29%. According to the state's spokesperson, "At the end of the day it could look like this: Porsche owns 50%, Lower Saxony 20% and free float investors 30%." Obviously, Lower Saxony's stake would remain the same - exactly as the local government leaders prefer. As previously reported, talks between the two automakers stalled over the weekend, and no new schedule has been set for the negotiations to continue.

[Source: Automotive News - Sub. Req.]

Porsche-VW merger could take on new investors originally appeared on Autoblog on Tue, 19 May 2009 18:29:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>investorslower saxonyLowerSaxonyporschevolkswagenvwTue, 19 May 2009 18:29:00 EST<![CDATA[Porsche's takeover of VW facing delays?]]>http://www.autoblog.com/2009/04/07/porsches-takeover-of-vw-facing-delays/http://www.autoblog.com/2009/04/07/porsches-takeover-of-vw-facing-delays/http://www.autoblog.com/2009/04/07/porsches-takeover-of-vw-facing-delays/#commentsFiled under: , , ,

With present economic conditions shrinking Porsche's available cash, the automaker may have to adjust or delay its plans to gain full control of Volkswagen. In January, Porsche raised its stake in Volkswagen to 50.76% gaining a majority stake. The Stuttgart-based automaker wants to purchase more of VW, but it stressed that economic conditions must support the move.

The economy isn't the only thing keeping the family-owned automaker from proceeding. Even though Porsche has the ownership it needs in VW, the German government isn't immediately changing its position on Volkswagen Law, allowing Lower Saxony to keep a blocking minority vote. Most experts think Porsche will simply wait out the economy and wait for the VW Law, already criticized by the European Commission, to be removed. Time appears to be on Porsche's side, for now.

[Source: Wall Street Journal]

Porsche's takeover of VW facing delays? originally appeared on Autoblog on Tue, 07 Apr 2009 17:59:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Lower SaxonyLowerSaxonyPorsche mergerPorsche purchasePorscheMergerPorschePurchasevolkswagenVolkswagen LawVolkswagenLawVW LawVwLawTue, 07 Apr 2009 17:59:00 EST<![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.

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In the land of mergers and acquisitions, there are takeovers, there are hostile takeovers, and then there are I'm Gonna Git You Sucka No Matter What takeovers. Porsche's increasingly acrimonious battle to swallow VW is becoming that third option, and the brawl might threaten the short term plans of Porsche, VW and Audi. Porsche wants access to Audi engines and electronics, but VW, which owns more than 99-percent of Audi, won't allow it.

Porsche has de facto control of VW, with a 35.1-percent share. The so-called VW Law, which allows the government of Lower Saxony ultimate veto power even though it has only a 20-percent share, has been the broadsword that both VW and Germany have been using to keep Porsche at bay. The law has been struck down at least three times by the EU Commission and a German Court, only to have politicians figure out how to rewrite it without changing the substance of it.

VW's supverisory board recently declared it would need to approve any sharing between Porsche and Audi, and at the moment, Porsche can't overrule that decision. Ferdinand Piech, the head of VW, is in a battle with the Porsche family and Wendelin Wiedeking, the CEO of Porsche, over control, and neither is expected to budge. The risk is that since no one knows how this is all going to play out, a battle of egos and punitive reactions could interrupt development of and platform sharing between - and therefore the profits of - all three manufacturers' future products and technology.

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

VW and Porsche can't get along, risk future tech and product plans originally appeared on Autoblog on Wed, 01 Oct 2008 09:30:00 EST. Please see our terms for use of feeds.

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Porsche wants to purchase Volkswagen, this much we know. But before that happens, the huge labor union at VW needs to agree on terms with Porsche management. This, as you may imagine, is proving a bit more difficult than Porsche had hoped, prompting the automaker's senior labor leader Uwe Hueck to lash out at the heads at VW. Not surprisingly, his initial attack received a response from Bernd Osterloh, the head of VW's labor union. It seems that some major sticking points exist that the organized Volkswagen employees are not too keen on, causing them to believe that they would be relegated to second-class status. Whether or not these negotiations will keep Porsche from purchasing a controlling stake in Volkswagen seems up in the air at the moment, though we wouldn't be surprised if some sort of deal were made sooner rather than later.

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

VW, Porsche talks stumbling over labor issues? originally appeared on Autoblog on Wed, 06 Aug 2008 08:32:00 EST. Please see our terms for use of feeds.

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Porsche is one step closer to its goal of purchasing Volkswagen. Back in April of last year, the German automaker passed the 30-percent mark, forcing it to make an outright offer for The Volkswagen Group in its entirety, which it did. Not too many VW shareholders sold their stake to Porsche, as the bid was for the bare minimum amount allowed by law. Still, the legal requirement had been met, allowing Porsche to continue gobbling up the automaker according to its own timetable. Earlier this year, the VeeDub board approved a request by Porsche to obtain 51-percent of the company for some $15.73 billion, which would give it a majority stake. Before the house that Ferdinand built could complete its acquisition, the European Commission required it to make one last purchase, which took place in June of this year. Finally, the EU has granted its permission for the buyout.

This story is likely far from over, as the German State of Lower Saxony still claims a 20-percent stake in Volkswagen, which gives it certain rights to block decisions made by VW's new parents. Still, it seems that its only a matter of time before VW and Porsche are united under a different Ferdinand... Piech that is, grandson to Mr. Porsche himself.

[Source: Reuters]

EU grants Porsche permission to purchase VW originally appeared on Autoblog on Thu, 24 Jul 2008 10:28:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>eueuropean commissioneuropean unionEuropeanCommissionEuropeanUnionlower saxonyLowerSaxonyporscheporsche volkswagenPorscheVolkswagenvolkswagenvolkswagen lawVolkswagenLawThu, 24 Jul 2008 10:28:00 EST<![CDATA[Porsche gobbles up more of VW while takeover is delayed]]>http://www.autoblog.com/2008/06/20/porsche-gobbles-up-more-of-vw-while-takeover-is-delayed/http://www.autoblog.com/2008/06/20/porsche-gobbles-up-more-of-vw-while-takeover-is-delayed/http://www.autoblog.com/2008/06/20/porsche-gobbles-up-more-of-vw-while-takeover-is-delayed/#commentsFiled under: ,


A procedural glitch, as opposed to Berlin-based intrigue, has postponed Porsche's plan to take over Volkswagen. The EU Commission requires a company to have a controlling interest in a company, or at least an agreement for such, before it will consider a company's application for regulatory approval. To straighten things out, Porsche has raised its stake in VW from 30.6 percent to 35.5 percent, which effectively grants it control of the much larger carmaker.

There's still that issue of the Volkswagen Law and Lower Saxony's refusal to give up the fight for its minority-majority stake. Lower Saxony, the state that is home to VW and 150,000 workers who don't want to lose their jobs, just bought another 500,000 shares in VW to maintain its position.

The EU Commission, however, has already said that Lower Saxony cannot use the VW Law to maintain control. That makes Porsche the fox outside the henhouse, waiting on the inevitable moment when EU officers will come and unlock the doors. Even better for the sports car maker, because Porsche hedged the purchase of its VW stake with cash-settled derivatives, it is assumed to have only spent a "a fraction" of the published price for controlling interest.

[Source: Automotive News, sub req'd]

Porsche gobbles up more of VW while takeover is delayed originally appeared on Autoblog on Fri, 20 Jun 2008 08:59:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>eulower saxonyLowerSaxonyporscheporsche buying vwPorscheBuyingVwvolkswagen lawVolkswagenLawvwvw lawVwLawFri, 20 Jun 2008 08:59:00 EST<![CDATA[European Union taking Germany to court over amended VW Law]]>http://www.autoblog.com/2008/06/06/european-union-taking-germany-to-court-over-amended-vw-law/http://www.autoblog.com/2008/06/06/european-union-taking-germany-to-court-over-amended-vw-law/http://www.autoblog.com/2008/06/06/european-union-taking-germany-to-court-over-amended-vw-law/#commentsFiled under: , , , , ,

In a move that may undermine Germany's protection of Lower Saxony and its close ties to Volkswagen, the European Commission plans to review the case of Volkswagen Law in the European Union's top court. As you may recall, Porsche has been trying to take majority control of rival Volkswagen. However, the so-called "Volkswagen Law" has protected VW from takeover by allowing the state of Lower Saxony (where thousands of VW jobs are at stake) to retain just enough stock in the company to prevent Porsche from capturing a majority vote. While the upcoming ruling may not only alter the ownership of Volkswagen, it also demonstrates the escalating authority that the European Commission has over once sovereign countries.

[Source: Automotive News Europe, subs. req'd]

European Union taking Germany to court over amended VW Law originally appeared on Autoblog on Fri, 06 Jun 2008 18:58:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>ControlEuropean CommissionEuropean UnionEuropeanCommissionEuropeanUnionLower SaxonyLowerSaxonyMajorityPorscheStockTakeoverVolkswagenVolkswagen LawVolkswagenLawFri, 06 Jun 2008 18:58:00 EST<![CDATA[Germany approves new Volkswagen Law]]>http://www.autoblog.com/2008/05/28/germany-approves-new-volkswagen-law/http://www.autoblog.com/2008/05/28/germany-approves-new-volkswagen-law/http://www.autoblog.com/2008/05/28/germany-approves-new-volkswagen-law/#commentsFiled under: , , ,



Porsche didn't win... this round. The German cabinet approved amendments to the Volkswagen Law yesterday, but lawmakers left Porsche's key clause untouched. For those of you who haven't been following this saga, "Volkswagen Law" is the legislation that includes a provision to allow the federal state of Lower Saxony to keep a blocking minority vote in Volkswagen. That minority position is just 20 percent, exactly the amount currently held by Lower Saxony. With Porsche gobbling up shares in VW, intent on capturing a majority position so they can control plant closures, and Lower Saxony determined to protect thousands of jobs in their state... rest assured we haven't heard the last of this.

[Source: Automotive News]

Germany approves new Volkswagen Law originally appeared on Autoblog on Wed, 28 May 2008 15:34:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>amendmentfactoryjobsLower SaxonyLowerSaxonyOwnershipPorscheVolkswagenVolkswagen LawVolkswagenLawWed, 28 May 2008 15:34:00 EST<![CDATA[The Volkswagen Law returns]]>http://www.autoblog.com/2008/05/23/the-volkswagen-law-returns/http://www.autoblog.com/2008/05/23/the-volkswagen-law-returns/http://www.autoblog.com/2008/05/23/the-volkswagen-law-returns/#commentsFiled under: , , ,


The Volkswagen Law is doing its best impression of Lazarus -- or perhaps a better analogy would be whack-a-mole. The European Court and minority VW shareholder Porsche keep trying to kill it, but it keeps popping up. Now the German government has agreed on an altered VW law -- but one that still gives the state of Lower Saxony, with it's 20.1-percent holding, blocking minority power.

The government runaround appears to hinge on the fact that the EU Court, in striking down the law, specifically cited the "20-percent cap on shareholder voting rights" as cause for striking down the VW Law. So the German government scrapped that, but retained the part where important decisions would need more than 80-percent of shareholders' approval. Which means Lower Saxony stays in control.

With VW keeping about 150,000 people in jobs, it's understandable that the state government is trying to stay in the saddle. A German Justice Ministry spokesman said "We believe our draft law is compatible with European law." An EU Court spokesman said, "The Commission expects that all three provisions and therefore the blocking minority as well will be abolished in order to implement the court's judgment." One of those two parties is eventually going to end up eating its words.

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

The Volkswagen Law returns originally appeared on Autoblog on Fri, 23 May 2008 12:35:00 EST. Please see our terms for use of feeds.

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Porsche has been in the news quite a bit over the past few weeks. While one hand is embroiled in an emissions tax battle with the Mayor of London, the other hand is slowly scooping up shares of Volkswagen.

In related news, Porsche Chairman Wolfgang Porsche was nominated today to the Volkswagen supervisory board. This move may help fuel the fire that Porsche is aggressively pursuing a larger piece of Volkswagen than it publicly admits, but VW's board is astute. When it added Porsche to the Board, it also invited Lower Saxony Prime Minister Christian Wulff and his finance minister back for another term. Lower Saxony is the second largest shareholder at Volkswagen these days. With 82,000 VW jobs in their state, the region's veto power is significant to all involved, especially Porsche, which would have to square off against Lower Saxony's veto vote in a bid to fully take control of Volkswagen.

[Source: Automotive News, subs req'd]

Wolfgang Porsche joins VW board originally appeared on Autoblog on Thu, 13 Mar 2008 14:02:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Board of DirectorsBoardOfDirectorsChristian WulffChristianWulffLower SaxonyLowerSaxonyPorscheSupervisory BoardSupervisoryBoardVolkswagenWolfgang PorscheWolfgangPorscheThu, 13 Mar 2008 14:02:00 EST<![CDATA[Porsche denies plan to raise stake in VW to 75%]]>http://www.autoblog.com/2008/03/11/porsche-denies-plan-to-raise-stake-in-vw-to-75/http://www.autoblog.com/2008/03/11/porsche-denies-plan-to-raise-stake-in-vw-to-75/http://www.autoblog.com/2008/03/11/porsche-denies-plan-to-raise-stake-in-vw-to-75/#commentsFiled under: , , , ,


After Porsche moved to increase its ownership in Volkswagen to 51 percent last week, an overzealous German magazine took it one step further over the weekend by reporting that Porsche was going for an even larger piece of the pie... a whopping 75 percent. Porsche pulled in the reigns and quickly released a statement today denying the action, pointing out that such a move, "...overlooks the realities in VW's shareholder structure." For now, there is apparently no truth to the published reports that Porsche is going to continue gobbling up Volkswagen.

Maybe so, but analysts have pointed out in the past that the most economically advantageous position for Porsche is if it can get its hands on Volkwagen's multiple sources of income through a so-called "domination and profit transfer" agreement. Such an agreement usually requires owning - what do you know? - a 75 percent stake in a company. Interesting.

The enthusiast-oriented Porsche has said it needed ownership in Volkswagen to prevent the automaker from falling into unfriendly hands (roughly 30% of the parts used in Porsches come from VW, so it's just protecting its component parts sugar daddy). Meanwhile, Lower Saxony, the second biggest shareholder of VW at some 20% with some serious veto power, has the power to block any maneuver that jeopardizes the 82,000 VW jobs in its state. Stay tuned, this isn't the end of it.

[Source: International Herald Tribune]

Porsche denies plan to raise stake in VW to 75% originally appeared on Autoblog on Tue, 11 Mar 2008 07:57:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Lower SaxonyLowerSaxonyOwnershipPorschePurchaseSharesStockVolkswagenTue, 11 Mar 2008 07:57:00 EST<![CDATA[Porsche stake in VW unlikely to change soon; a new "VW law" could return]]>http://www.autoblog.com/2008/01/29/porsche-stake-in-vw-unlikely-to-change-soon-a-new-vw-law-coul/http://www.autoblog.com/2008/01/29/porsche-stake-in-vw-unlikely-to-change-soon-a-new-vw-law-coul/http://www.autoblog.com/2008/01/29/porsche-stake-in-vw-unlikely-to-change-soon-a-new-vw-law-coul/#commentsFiled under: , , ,



The so-called "VW law" was struck down by the European Court last October. Previous to that, the state of Lower Saxony was able to veto any Volkswagen shareholder action it didn't like. When the law was struck down it looked like the Lower Saxony had no choice but to watch Porsche, which had been circling shark-like around Volkswagen for a bit, decide on the day it chose to take majority control of the much larger company.

But Lower Saxony had a much bigger shark on its side in the form of the government in Berlin. Politicos in the German capital have been drafting a law that would "replace" the "Volkswagen law" and put Lower Saxony, with its 20.1-percent holding in VW, back in effective control of the company. The law still has hurdles to overcome, such as approval by the German parliament and then approval by the EU. Frankly, we don't see how the EU could approve the law if it artificially inflates the state's position over that of a shareholder. Porsche is going to wait for the law, and elections in Lower Saxony, to run their courses before proceeding with its efforts to take a majority stake. Der Saga continues.

[Source: Automotive News - Sub. Req.]

Porsche stake in VW unlikely to change soon; a new "VW law" could return originally appeared on Autoblog on Tue, 29 Jan 2008 18:28:00 EST. Please see our terms for use of feeds.

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The ongoing saga, "As the VW Takeover Turns" received a new update via Germany's Der Spiegel news mag (think Time, Newsweek, etc.), where a report revealed that Porsche is aiming to raise its stake in Volkswagen to 51-percent.

The Deutsch weekly cited unnamed stock market sources that claim Porsche is pursuing shares at a set price and that the move may come at the start of 2008. Currently, Porsche has a 31-percent stake in VW, after its initial takeover bid took place in March, with only one-percent of V-Dub shareholders accepting the offer. The additional shares needed to gain a majority stake in VW may come from the 20-percent held by the state of Lower Saxony.

Both Lower Saxony and Porsche have denied the plans so far.

[Sources: Reuters, Forbes]

All reports point to Porsche gobbling up majority stake in VW originally appeared on Autoblog on Mon, 03 Sep 2007 09:51:00 EST. Please see our terms for use of feeds.

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