Carl Icahn's investment company is now poised to acquire Pep Boys for $1 billion after placing a higher bid than tire maker Bridgestone.
Mergers And Acquisitions
We have a feeling historians will spending a fair portion of next few years finding new words to describe just how bad this year was for the auto industry. And then, at some point, they'll get around to Volkswagen, a company that has been zagging while almost all others zigged. Over the last twelve months, VW has taken a stake in Suzuki, bought Karmann, won European Car of the Year, won the Dakar Rally, turned its eye to F1, released a litter of well received cars, put autonomous cars everywhere
When Volkswagen and Porsche sat down at dinner to discuss which one was going to eat the other one, they forgot to invite the German tax man. After VW came to terms with Porsche to take a 49.9% stake in the Stuttgart sports car maker for €8 billion (around $11.4 billion U.S.), the parties discovered there would be a €3 billion ($4.26B) tax bill on top of that.
Russian Prime Minister Vladimir Putin himself has said that at the behest of Magna, Russia's GAZ conglomerate is considering taking a 30% interest in Opel. GAZ, though, has made it clear that it does not want to run or own Opel – what it really seems to want is to have cars to produce at its factory in Nizhny Novgorod. Under such a proposal, Automotive News reports that Magna would take 20% of Opel.
Here at Autoblog reports regularly cross our desks suggesting all sorts of contorted deals supposedly being brokered between automakers. This one's in bed with that one, that one's selling the other but retaining a minority interest, another one's starting a joint venture with yet another while buying part of its competitor. And we try to make sense of it all, if not for your sake then for our own sanity's, but some are just way over the top. Like this latest report that suggests that, in essenc
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