Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2013 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Report: Volkswagen eyeing Ferrari stake?]]>http://www.autoblog.com/2010/11/11/report-volkswagen-eying-ferrari-stake/http://www.autoblog.com/2010/11/11/report-volkswagen-eying-ferrari-stake/http://www.autoblog.com/2010/11/11/report-volkswagen-eying-ferrari-stake/#commentsFiled under: , ,


If Volkswagen has taught us anything, it's that you can never be too rich or have too many high-dollar automakers under your umbrella. Europe's largest auto group already encompasses Lamborghini, Bugatti and Bentley, is in the process of absorbing Porsche, and makes a couple more six-figure sports cars with Audi badges. But according to reports coming in from Europe, VW has its eyes set on acquiring yet another top-dollar automaker: Ferrari.

Given that it already owns Maranello's most direct competitor, you might be inclined to file this report in the "wild rumor of the day" category and be done with it. And while you'd certainly be justified, there's a whole lot of eyebrow-raising statistics surrounding this report. Rival Fiat group has been looking for ways to raise capital to keep both itself and Chrysler going, and selling stake in Ferrari has been tipped as a possible avenue. Reports have also linked Volkswagen - which reportedly has some $27 billion in cash on hand - with a possible Alfa Romeo takeover.

For his part, Fiat/Chrysler CEO Sergio Marchionne says neither is on the table, but Volkswagen chairman Ferdinand Piech has shown us nothing if not a penchant for buying up any brands he fancies. Given the fact that Fiat needs cash and Volkswagen is willing to spend, we wouldn't rule anything out just yet.

[Source: Automotive News - Sub. Req.]

Report: Volkswagen eyeing Ferrari stake? originally appeared on Autoblog on Thu, 11 Nov 2010 13:29:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>acquisitionferdinand piechferrarifiatminority stakepiechstaketakeovervolkswagenThu, 11 Nov 2010 13:29:00 EST http://www.autoblog.com/feed/19712119/article-comments.xml http://www.autoblog.com/feed/2010/11/11/report-volkswagen-eying-ferrari-stake/19712119/article-detail.xml 19712119 http://www.blogcdn.com/www.autoblog.com/media/2010/11/16599saapertalive_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2010/11/16599saapertalive.jpg <![CDATA[Daimler agrees to give up remaining stake in Chrysler]]>http://www.autoblog.com/2009/04/27/daimler-agrees-to-give-up-remaining-stake-in-chrysler/http://www.autoblog.com/2009/04/27/daimler-agrees-to-give-up-remaining-stake-in-chrysler/http://www.autoblog.com/2009/04/27/daimler-agrees-to-give-up-remaining-stake-in-chrysler/#commentsFiled under: , ,



Hot on the heels of the Chrysler's tentative deal with the UAW to cut the automaker's VEBA obligations, Daimler AG has announced it's finally reached an agreement to unload its remaining stake in Chrysler. According to Daimler's release, the company's 19.9% stake in Chrysler will be redeemed and Daimler write off a $1.5 billion loan which will help (if it can) avoid putting Chrysler into bankruptcy and facilitate the automaker's deal with Fiat. The agreement is likely to reduce Daimler's second-quarter earnings (before interest and taxes) by around $700 million, however, the German giant had already written down its stake in Chrysler last year. The agreement also includes Daimler paying $200 million into Chrysler's pension plans once the agreements are definitive, and another $200 million each year until 2011. All the gritty details are available in the press release below the fold.

[Image: Bill Pugliano/Getty]

Continue reading Daimler agrees to give up remaining stake in Chrysler

Daimler agrees to give up remaining stake in Chrysler originally appeared on Autoblog on Mon, 27 Apr 2009 18:32:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>19.9chryslerdaimlersharesplitstakestockMon, 27 Apr 2009 18:32:00 EST http://www.autoblog.com/feed/1529786/article-comments.xml http://www.autoblog.com/feed/2009/04/27/daimler-agrees-to-give-up-remaining-stake-in-chrysler/1529786/article-detail.xml 1529786 http://www.blogcdn.com/www.autoblog.com/media/2009/04/75964316-580op_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2009/04/75964316-580op.jpg <![CDATA[Porsche doesn't plan to take over VW... yet]]>http://www.autoblog.com/2007/07/30/porsche-doesnt-plan-to-take-over-vw-yet/http://www.autoblog.com/2007/07/30/porsche-doesnt-plan-to-take-over-vw-yet/http://www.autoblog.com/2007/07/30/porsche-doesnt-plan-to-take-over-vw-yet/#commentsFiled under: , , , ,

The latest in Porsche-Volkswagen relations is that the sports car maker has contingencies in place to raise its stake in the VW Group, but at this point is not planning an outright takeover.

As you may recall, when Porsche recently increased its ownership in Volkswagen AG, it was bound by German law to make an offer to purchase controlling interest. The offer Porsche submitted to Volkswagen shareholders was purposely low because Porsche didn't want to fully take over Volkswagen.

That law is now on the verge of being repealed, leaving the door open for Porsche to further increase its stake, but that doesn't mean that it will automatically take the opportunity to further entrench the anschluss between the two companies founded by Ferdinand Porsche. If, however, Porsche's position on the Volkswagen board is threatened, it could increase its stake up to 50-percent without any further bureaucracy and legal issues, but for now it plans on staying where it is.

[Source: Reuters]

Porsche doesn't plan to take over VW... yet originally appeared on Autoblog on Mon, 30 Jul 2007 18:36:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>acquireacquisitionchangecontrollinggermanygroupinterestlawporschesharesstakevolkswagenMon, 30 Jul 2007 18:36:00 EST http://www.autoblog.com/feed/952931/article-comments.xml http://www.autoblog.com/feed/2007/07/30/porsche-doesnt-plan-to-take-over-vw-yet/952931/article-detail.xml 952931 http://www.blogcdn.com/www.autoblog.com/media/2007/07/porsche_borrows_10b_euro_2_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2007/07/porsche_borrows_10b_euro_2.jpg <![CDATA[Porsche proposes to Volkswagen]]>http://www.autoblog.com/2007/04/30/porsche-proposes-to-volkswagen/http://www.autoblog.com/2007/04/30/porsche-proposes-to-volkswagen/http://www.autoblog.com/2007/04/30/porsche-proposes-to-volkswagen/#commentsFiled under: , , ,

It's official, Porsche has submitted an offer to buy the Volkswagen group. Unless you've been living in a cave, you probably already know that the erstwhile sportscar manufacturer is more profitable than the megalithic auto consortium, with all its subsidiaries, and has been steadily increasing its stake in VW.

When Porsche raised its stake in Volkswagen past 30%, German law mandated that it submit an offer to Volkswagen shareholders to buy them out and take over the automotive conglomerate outright. The mandatory offer has now been officially submitted, and subsequently approved by the German Federal Agency for Financial Services Supervision.

Porsche is offering ?100.92 per common share, and ?65.54 for preferred shares, coming in at the bare minimum required by law. Volkswagen shareholders have until May 29 to accept or refuse the offer. If they accept, Porsche will have full control of Volkswagen and all its subsidiaries, including the Audi, Skoda, Seat, Lamborghini, Bugatti and Bentley brands, turning what was once the niche sportscar maker into one of the largest automobile makers in the world. It's unlikely that the VW board will accept, however, considering Porsche made the bare min bid.

Related posts:

Press release after the jump.

[Source: Porsche]

Continue reading Porsche proposes to Volkswagen

Porsche proposes to Volkswagen originally appeared on Autoblog on Mon, 30 Apr 2007 12:28:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bidboardbuyoutporschesharesharesstakevolkswagenvwMon, 30 Apr 2007 12:28:00 EST http://www.autoblog.com/feed/885189/article-comments.xml http://www.autoblog.com/feed/2007/04/30/porsche-proposes-to-volkswagen/885189/article-detail.xml 885189 http://www.blogcdn.com/www.autoblog.com/media/2007/04/porsche-vw_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2007/04/porsche-vw.jpg <![CDATA[DaimlerChrysler buys Chinese commercial truck company]]>http://www.autoblog.com/2006/11/30/daimlerchrysler-buys-chinese-commercial-truck-company/http://www.autoblog.com/2006/11/30/daimlerchrysler-buys-chinese-commercial-truck-company/http://www.autoblog.com/2006/11/30/daimlerchrysler-buys-chinese-commercial-truck-company/#commentsFiled under: , ,



China is the fastest growing market in the world and it's gobbling up autos at a prodigious rate. Every global automaker wants a piece of the pie and the one's that moved quick and early to enter the market, like General Motors and Volkswagen, are reaping the biggest rewards right now. DaimlerChrysler, however, is pursuing another plan to shovel some of that Chinese Yuan in its trunk. The German-American automaker announced today it has bought 24 percent of Beiqi Foton Motor Co., which produces commercial trucks and pickups in China, for $104 million. With China's entire infrastructure of roads, buildings and utilities rapidly expanding, the demand for construction equipment, specifically commercial vehicles like the trucks and pickups made by Beiqi Foton, is expected to rise, too. Of course, the deal needs to be approved by not only Beiqi Foton shareholders, but also Chinese regulators. Good luck with that.

[Source: Automotive News]

DaimlerChrysler buys Chinese commercial truck company originally appeared on Autoblog on Thu, 30 Nov 2006 13:03:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>beiqi fotonBeiqiFotonchinadcxfotonstakeThu, 30 Nov 2006 13:03:00 EST http://www.autoblog.com/feed/710388/article-comments.xml http://www.autoblog.com/feed/2006/11/30/daimlerchrysler-buys-chinese-commercial-truck-company/710388/article-detail.xml 710388 http://www.blogcdn.com/www.autoblog.com/media/2006/11/51937926_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2006/11/51937926.jpg <![CDATA[Kerkorian cuts stake in General Motors]]>http://www.autoblog.com/2006/11/22/kerkorian-cuts-stake-in-general-motors/http://www.autoblog.com/2006/11/22/kerkorian-cuts-stake-in-general-motors/http://www.autoblog.com/2006/11/22/kerkorian-cuts-stake-in-general-motors/#commentsFiled under: ,

Billionaire investor Kirk Kerkorian announced today that his investment firm Tracinda Corp. had cut its stake in General Motors from 9.9% to 7.4% by selling $462 million worth of the automaker's stock. That amounts to a sell off of 14 million shares at $33 per share.

The move by Kerkorian comes after the soap opera-like events surrounding a proposed alliance between General Motors and Nissan/Renault that ultimately fell through despite Kerkorian's support. In fact, Kerkorian and the man he placed on GM's board, Jerry York, were the ones who proposed the alliance and approached Nissan/Renault without the board's knowledge. Many postulate that GM CEO Rick Wagoner didn't appreciate the surreptitious move that usurped his power and he therefore made sure the proposal was shot down. A committee chosen by Wagoner was set up to evaluate the alliance and found that the proposed alliance would benefit Nissan/Renault more than it would GM. For its part, Nissan/Renault was unwilling to pay a large sum of money that numbered in the hundreds of millions, which GM proposed would even out the partnership. On account of the failed alliance, Jerry York resigned from GM's board on October 6th.

Who knows what goes on in the mind of Kirk Kerkorian, but knowing what we know about GM's product lineup stretching out through 2010, we'd have to say that selling his stake in the company is a move that will probably lose money in the long run. We're not financial analysts by any means, but GM's turnaround has just started the back nine and will bear fruit in the form of profits before the end of 2008. Or so says our Magic 8-Ball.

[Source: Automotive News]

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Kerkorian cuts stake in General Motors originally appeared on Autoblog on Wed, 22 Nov 2006 14:04:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>general motorsGeneralMotorsjerry yorkJerryYorkkirk kerkorianKirkKerkoriansharesstakestocktracindatracinda corp.TracindaCorp.Wed, 22 Nov 2006 14:04:00 EST http://www.autoblog.com/feed/706419/article-comments.xml http://www.autoblog.com/feed/2006/11/22/kerkorian-cuts-stake-in-general-motors/706419/article-detail.xml 706419 http://www.blogcdn.com/www.autoblog.com/media/2006/11/2776296_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2006/11/2776296.jpg <![CDATA[Toyota buys 5.9% of Isuzu]]>http://www.autoblog.com/2006/11/07/toyota-buys-5-9-of-isuzu/http://www.autoblog.com/2006/11/07/toyota-buys-5-9-of-isuzu/http://www.autoblog.com/2006/11/07/toyota-buys-5-9-of-isuzu/#commentsFiled under: , ,

Toyota announced today that it will spend $373 million on a deal with Isuzu that will transfer 5.9% of the truck- and diesel-maker to the giant Japanese automaker. Toyota's goal in purchasing a stake in Isuzu is to bolster its diesel portfolio, which apparently lags behind other major automakers like cross-town rival Honda who announced in September it would have diesel-powered passenger cars for sale in the U.S. within three years.

We always expected that Toyota would rely on its own Hino Motors commercial truck subsidiary for a diesel engine to power a heavy-duty version of its new Tundra pickup, but Hino is not prepared to make smaller diesel engines for passenger cars and potentially diesel hybrids. Isuzu offers Toyota the know-how and production capacity for diesel engines that are smaller than 2.5-liters, which makes the purchase seem like a perfect fit.

Mitsubishi will now become the largest single shareholder in Isuzu with 9.7% of the stock, followed by trading house Itochu Corp. with 7.2% and Toyota with 5.9%. GM sold all of its stock in Isuzu back in April, which amounted to 7.9%. Today's announcement marks the second time Toyota has swooped in and picked up shares in a company that GM has cast off, the first being Fuji Heavy Industries, the parent company of Subaru.

[Source: Automotive News - sub. required]

Toyota buys 5.9% of Isuzu originally appeared on Autoblog on Tue, 07 Nov 2006 14:56:00 EST. Please see our terms for use of feeds.

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