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: VW finished eating companies, will now focus on digestion]]>http://www.autoblog.com/2009/12/21/report-vw-finished-eating-companies-will-now-focus-on-digestio/http://www.autoblog.com/2009/12/21/report-vw-finished-eating-companies-will-now-focus-on-digestio/http://www.autoblog.com/2009/12/21/report-vw-finished-eating-companies-will-now-focus-on-digestio/#commentsFiled under: ,



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, thrown huge money at hybrids and electric cars, and made recycling fun. And it's building a $125 million dealership in Manhattan. And then there was that whole Porsche thing. And it took the crown of No. 1 automaker. We could continue, but there's a post to finish...

When it comes to mergers and acquisitions, remarks from company CEO Martin Winterkorn suggest that VW is finished doing its impression of 18th century England. "We are satisfied with the current line-up," he has told Automotive News. "I don't see any need (for further M&A activity)." That, in spite of his assertion that other companies "want to come under our roof."

VW will focus on what is sure to be a busy year ahead, integrating Porsche and its interest in Suzuki, at the same time as it gears up Karmann's factory for the Boxster, and builds its U.S. plant and prepares its new NMS model. Winterkorn is expecting VW's market share to increase in 2010, which might solidify a place at the top position; although after the shellacking General Motors and Toyota took while they wore the crowns, we don't know why VW would want the attention. And as for the end of M&A, perhaps Winterkorn hasn't heard the rumor about Piech's eyes on Ducati...

[Source: Automotive News - sub. req.]

REPORT: VW finished eating companies, will now focus on digestion originally appeared on Autoblog on Mon, 21 Dec 2009 10:31:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>MAmartin winterkornMartinWinterkornmergersmergers and acquisitionsMergersAndAcquisitionstakeoverVeedubvolkswagenvwwinterkornMon, 21 Dec 2009 10:31:00 EST<![CDATA[Despite denial of Fiat/Opel tie-up, critics say alliance would be "far more compelling" than Chrysler deal]]>http://www.autoblog.com/2009/04/23/despite-denial-of-fiat-opel-tie-up-critics-say-alliance-would-b/http://www.autoblog.com/2009/04/23/despite-denial-of-fiat-opel-tie-up-critics-say-alliance-would-b/http://www.autoblog.com/2009/04/23/despite-denial-of-fiat-opel-tie-up-critics-say-alliance-would-b/#commentsFiled under: , , , ,



Despite Fiat SpA chairman Luca de Montezemolo (above) denying that his company is interested in purchasing General Motors' Opel brand, a new report by The Wall Street Journal indicates that many investors and analysts apparently find the alleged tie-up to be "far more compelling" than Fiat's proposed alliance with Chrysler. If such a deal were to be consummated, it would make Fiat Europe's number-two automaker, and the prospect of the increased power and lowered overhead that could result still has speculators buzzing.

For their part, Opel spokespeople are declining to comment on the conjecture.

[Source: The Wall Street Journal | Image: Fabrice Coffrini/AFP/Getty]

Despite denial of Fiat/Opel tie-up, critics say alliance would be "far more compelling" than Chrysler deal originally appeared on Autoblog on Thu, 23 Apr 2009 12:57:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>ChryslerFiatGeneral MotorsGeneralMotorsGMmergerMontezemoloOpelrumorrumormilltakeoverThu, 23 Apr 2009 12:57:00 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[Rumormill: Mercedes preparing to buy out McLaren]]>http://www.autoblog.com/2008/01/17/rumormill-mercedes-preparing-to-buy-out-mclaren/http://www.autoblog.com/2008/01/17/rumormill-mercedes-preparing-to-buy-out-mclaren/http://www.autoblog.com/2008/01/17/rumormill-mercedes-preparing-to-buy-out-mclaren/#commentsFiled under: , ,


click above to view more high-res pics of the Mercedes SLR McLaren Roadster

No comment. That's what the Mercedes-Benz communications office had to say in response to rumors that the company is preparing to take over McLaren, the racing team and engineering firm of which Daimler already owns 40%. The report comes from Auto Motor und Sport and suggests not only that Mercedes is considering a buy-out of McLaren, but that the deal has essentially already been hammered out.

The remaining 60% is shared by team principal Ron Dennis and his Saudi business partner Mansour Ojjeh (at 15% each) and Bahraini holding company Mumtalakat, to which Dennis and Ojjeh sold 30% last year. Daimler therefore has the largest interest in McLaren, but if it wanted to take complete control it would have to negotiate with the three other shareholders, or else take controlling interest of 55 or 70% by buying out either Dennis, Ojjeh or the Bahraini partners.

McLaren currently produces the SLR supercar for Mercedes. Although Mercedes is reportedly turning to AMG spin-off HWA for its next supercar, McLaren is meanwhile proceeding with its own P11. Of course, McLaren also fields Mercedes-powered Formula One cars. If Daimler did buy out McLaren, as has long been rumored, it would effectively become the Mercedes factory works team, much like Honda bought BAR and BMW took over Sauber.

[Source: Auto Motor und Sport via Autosport]

Gallery: LA 2007: Mercedes-Benz SLR McLaren Roadster

Rumormill: Mercedes preparing to buy out McLaren originally appeared on Autoblog on Thu, 17 Jan 2008 10:28:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>acquirebenzdaimlermclarenmercedestakeoverThu, 17 Jan 2008 10:28:00 EST<![CDATA[All reports point to Porsche gobbling up majority stake in VW]]>http://www.autoblog.com/2007/09/03/all-reports-point-to-porsche-gobbling-up-majority-stake-in-vw/http://www.autoblog.com/2007/09/03/all-reports-point-to-porsche-gobbling-up-majority-stake-in-vw/http://www.autoblog.com/2007/09/03/all-reports-point-to-porsche-gobbling-up-majority-stake-in-vw/#commentsFiled under: , , ,

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.

Read | Permalink | Email this | Comments]]>lower saxonyLowerSaxonyporschetake overTakeOvervolkswagenvwMon, 03 Sep 2007 09:51:00 EST<![CDATA[Porsche officially files for takeover bid of VW]]>http://www.autoblog.com/2007/06/01/porsche-officially-files-for-takeover-bid-of-vw/http://www.autoblog.com/2007/06/01/porsche-officially-files-for-takeover-bid-of-vw/http://www.autoblog.com/2007/06/01/porsche-officially-files-for-takeover-bid-of-vw/#commentsFiled under: ,

Reuters is reporting that today, Porsche has politely asked the European Commission if it can take over Volkswagen. The short filing by Reuters goes on to state that the Commission has until July 2nd to either give the green light or look into the matter further. Naturally, we'd expect the E.C. to take its time on the matter. Porsche's ultimate plan appears to involve taking over Volkswagen without being forced to buy all of its shares. A 47-year-old German law currently prevents a Volkswagen takeover, but the European Union is reportedly considering a repeal that would open the door for Porsche to make its move.

[Source: Reuters]

Porsche officially files for takeover bid of VW originally appeared on Autoblog on Fri, 01 Jun 2007 15:34:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>porschetakeovervolkswagenvwFri, 01 Jun 2007 15:34:00 EST<![CDATA[VW rejects Porsche's takeover bid]]>http://www.autoblog.com/2007/05/13/vw-rejects-porsches-takeover-bid/http://www.autoblog.com/2007/05/13/vw-rejects-porsches-takeover-bid/http://www.autoblog.com/2007/05/13/vw-rejects-porsches-takeover-bid/#commentsFiled under: ,


When Porsche decided to exercise its option to purchase more VW stock, its stake was raised to over 30%. That triggered a German law that required the low-volume luxury automaker to launch a bid for all outstanding public shares of Europe's largest automaker. Usually when one company wants to take over another, they offer a stock buyout price that is equal to or greater than the actual market value, but Porsche only offered 101 Euros, even though the stock is trading at about 112 Euros.

VW shareholders unanimously rejected Porsche's offer, citing the offer price wasn't equal to the value of the company. We don't know how much Porsche really wanted to own all of VW, but we're sure they like the fact that they earned $2.75 billion last year due mostly to their partial ownership of Volkswagen.

[Source: Yahoo]

VW rejects Porsche's takeover bid originally appeared on Autoblog on Sun, 13 May 2007 07:41:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>http://news.yahoo.com/s/afp/20070511/ts_afp/germanyautocompany_0porschetakeovervolkswagenvw_ylt=AjqmxRqDo1UJCm6rCkMZvc3MWM0FSun, 13 May 2007 07:41:00 EST<![CDATA[Porsche getting a new name next month]]>http://www.autoblog.com/2007/05/04/porsche-getting-a-new-name-next-month/http://www.autoblog.com/2007/05/04/porsche-getting-a-new-name-next-month/http://www.autoblog.com/2007/05/04/porsche-getting-a-new-name-next-month/#commentsFiled under: ,

In an effort to redefine itself as the next great German monolith, "Dr. Ing. H.c F. Porsche AG" will be rebirthed as "Porsche Automobil Holding SE" during a meeting on June 26th.

The reasoning behind the renaming is to better reflect Porsche's investment in other automobile manufacturers, namely Volkswagen, in which Porsche currently has a 30.9-percent stake. Thus, Porsche will be reborn as a holding company with two operations, Porsche and Volkswagen.

German law has forced Porsche to make a takeover offer for VW since its stake has grown above 30%. The bid is on the table until May 29th, but shareholders aren't expected to jump at the opportunity, considering that the current bid offered by Porsche is well below the company's market value.

We'll see how things flesh out, but considering Porsche's newfound dominance in the market, we're expecting some Germanic fireworks come the end of the month and Volkswagen to be answering to Stuttgart at some point in the near future.

[Source: Just-Auto - sub. req'd]

Porsche getting a new name next month originally appeared on Autoblog on Fri, 04 May 2007 17:55:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>porschetakeovervolkswagenvwFri, 04 May 2007 17:55:00 EST<![CDATA[Cerberus walks away from Delphi to focus on Chrylser]]>http://www.autoblog.com/2007/04/20/cerberus-walks-away-from-delphi-to-focus-on-chrylser/http://www.autoblog.com/2007/04/20/cerberus-walks-away-from-delphi-to-focus-on-chrylser/http://www.autoblog.com/2007/04/20/cerberus-walks-away-from-delphi-to-focus-on-chrylser/#commentsFiled under: , ,



One of the major players in the acquisition of bankrupt mega-parts supplier, Delphi, is Cerberus Capital Management. That name should ring familiar to anyone following the ongoing saga of the (potential) sale of Chrysler, as Cerberus is one of the three firms making a play for the ailing side of the German-American hybrid.

Over the past year, Cerberus has been actively pursuing a stake in Delphi, but as of yesterday, has pulled out of the running. The reason? It's not entirely clear, but the firm's quest to purchase Chrysler is at the forefront of many analysts' minds.

The move doesn't signify a reduction of interest by Cerberus towards the automotive sector altogether - they've got too many fingers in a lot of pies - but, instead, is seen as a way of concentrating the firm's focus on a possible Chrysler buyout.

This doesn't make Chrysler's cross-town competitor, General Motors, particularly happy, as the sale of Delphi is vital to the General's recovery plans. Additionally, the decision by Cerberus to walk away from talks may have been influenced by a breakdown in talks with the UAW, something that will be a necessity if Cerberus plans to make nice during their acquisition of Chrysler.

There's more to follow in the coming months, so as always, watch this space.

[Source: Detroit News]

Cerberus walks away from Delphi to focus on Chrylser originally appeared on Autoblog on Fri, 20 Apr 2007 08:26:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>cerberuschryslerdelphigeneral motorsGeneralMotorsgmmergertakeoverFri, 20 Apr 2007 08:26:00 EST<![CDATA[Could a Chrysler-free Daimler be a takeover target?]]>http://www.autoblog.com/2007/02/28/could-a-chrysler-free-daimler-be-a-takeover-target/http://www.autoblog.com/2007/02/28/could-a-chrysler-free-daimler-be-a-takeover-target/http://www.autoblog.com/2007/02/28/could-a-chrysler-free-daimler-be-a-takeover-target/#commentsFiled under:


The law of unintended consequences strikes again. There's a new twist in the soap opera that is Daimler minus Chrysler. A DaimlerChrysler without the US branch and its associated liabilities would be a significantly smaller company and a potentially much more attractive takeover target. The newsletter of the American International Automobile Dealers Association reports that some analysts feel that depending on how any separation is structured, an independent Daimler Group could find itself in the cross-hairs of hedge funds or private equity groups. Since Daimler doesn't have any individual shareholder big enough to keep them independent the way Porsche now dominates Volkswagen, a takeover might be easier. It's all just speculation for now, but it's something for Dr. Z to consider before he leaps.

[Source: The Auto Channel]

Could a Chrysler-free Daimler be a takeover target? originally appeared on Autoblog on Wed, 28 Feb 2007 12:07:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>spin-offtakeoverWed, 28 Feb 2007 12:07:00 EST<![CDATA[Big Wig to Big Rig: Pischetsrieder to oversee truck merger]]>http://www.autoblog.com/2006/11/13/big-wig-to-big-rig-pischetsrieder-to-oversee-truck-merger/http://www.autoblog.com/2006/11/13/big-wig-to-big-rig-pischetsrieder-to-oversee-truck-merger/http://www.autoblog.com/2006/11/13/big-wig-to-big-rig-pischetsrieder-to-oversee-truck-merger/#commentsFiled under: , , , ,

The earliest reports on the "resignation" of Volkswagen group CEO Bernd Pischetsrieder indicated that while he'd be replaced as chief executive, he would be retained to take on "special assignments". What such ambiguous duties might entail was a mystery, but it's looking like he may be put in charge of managing a merger between two major European truck companies.

MAN has been maneuvering to buy out Scania with offers over $13 billion, but the Swedish company has been fighting to maintain its independence from the Germans (sound familiar?). Volkswagen AG happens to be the largest shareholder of both companies.

At the moment, Volkswagen is neither confirming nor denying the reports of Pischetsrieder's potential re-assignment. The supervisory board is due to meet on November 17, when they'll make their decision, so we'll just have to sit tight until then.

[Source: Automotive News - sub. req.]

Big Wig to Big Rig: Pischetsrieder to oversee truck merger originally appeared on Autoblog on Mon, 13 Nov 2006 19:34:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>berndboardbuyoutceomanmergerPischetsriederscaniatakeovertruckvolkswagenvwMon, 13 Nov 2006 19:34:00 EST<![CDATA[I want my baby back! Fiat to repurchase Ferrari shares]]>http://www.autoblog.com/2006/09/14/i-want-my-baby-back-fiat-to-repurchase-ferrari-shares/http://www.autoblog.com/2006/09/14/i-want-my-baby-back-fiat-to-repurchase-ferrari-shares/http://www.autoblog.com/2006/09/14/i-want-my-baby-back-fiat-to-repurchase-ferrari-shares/#commentsFiled under: , , ,

Fiat is increasing its stake in Ferrari, buying back the shares it sold to Italian investment bank Mediobanca during Fiat's financial troubles in 2002. The Turin-based auto conglomerate is the undisputed Don of the Italian car business, controlling Ferrari, Maserati, Alfa Romeo, Lancia, Iveco and Magneti Marelli (to name a few), and will exercise its option to buy back the 29% currently held by Mediobanca by the end of September.

Together with the 56% it currently holds, this will bring Fiat's stake in Ferrari up to 85%. Mediobanca sold 5% to Mubadala Development Company, a UAE crown corporation; shares which Fiat may or may not buy back. (Mubadala also owns stake in Spyker, fuelling rumors that the recently acquired Spyker MF1 team could switch to Ferrari power for next season.) The remaining 10% is still owned by the Ferrari family.

Enzo Ferrari initially sold half his company to Fiat in 1968. While ostensibly Fiat owns Ferrari, many would argue the control flows the other way, with Ferrari president Luca di Montezemolo serving as chairman of the Fiat Group.

Think buying one Ferrari is expensive? Fiat's purchase is rumored to cost a staggering $800 million.

[Source: Ansa.it via Italiaspeed]

I want my baby back! Fiat to repurchase Ferrari shares originally appeared on Autoblog on Thu, 14 Sep 2006 14:39:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>buyoutferrarifiatluca di montezemoloLucaDiMontezemolomediobancamubadalapercentsharesspykerstocktakeoverThu, 14 Sep 2006 14:39:00 EST<![CDATA[Nissan responds to GM alliance talk]]>http://www.autoblog.com/2006/06/30/nissan-responds-to-gm-alliance-talk/http://www.autoblog.com/2006/06/30/nissan-responds-to-gm-alliance-talk/http://www.autoblog.com/2006/06/30/nissan-responds-to-gm-alliance-talk/#commentsFiled under: , , ,

Here's Nissan's official response to the flurry of speculation caused by Tracinda Corp., Kirk Kerkorian's investment company, when it sent a letter to General Motors suggesting the automaker immediately explore joining Nissan and Renault's alliance.

Issued by Nissan Motor Co., Ltd., Tokyo, Japan:

NISSAN STATEMENT
The Renault-Nissan Alliance is an open partnership, which has never been restricted to two partners. Under the right circumstances and with the appropriate partners, the Alliance could be expanded further. Such an expansion would only be considered by the Alliance if it were executed in the full spirit of the Alliance, which is founded on trust, transparency, performance and the full respect for individual corporate and brand identity.

Mr.Ghosn, President and CEO of Renault and Nissan was approached by Mr.Kerkorian, Mr.York and representatives of Tracinda Corporation to assess the merits of GM joining the Renault Nissan Alliance.

At this point, it is necessary that GM Board and top management fully support this project in order to start the study of this opportunity after agreement of Renault and Nissan boards.

While Nissan certainly seems receptive to the idea of showing GM the secret handshake, it makes no mention of Renault and Nissan being interested in purchasing a minority stake in the General.

At the close of trading today GM ended up $2.35 (8.56%) at $29.79. For fun, we snagged a copy of the exact letter Tracinda sent to GM today. Read the whole thing (it's pretty short) after the jump.

[Source: The Detroit News]

Continue reading Nissan responds to GM alliance talk

Nissan responds to GM alliance talk originally appeared on Autoblog on Fri, 30 Jun 2006 19:01:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>alliancekirk kerkorianKirkKerkorianmergerminority stakeMinorityStakepartnershiprenaulttakeovertracinda corp.TracindaCorp.Fri, 30 Jun 2006 19:01:00 EST<![CDATA[Porsche wants a bigger piece of Volkswagen]]>http://www.autoblog.com/2006/06/23/porsche-wants-a-bigger-piece-of-volkswagen/http://www.autoblog.com/2006/06/23/porsche-wants-a-bigger-piece-of-volkswagen/http://www.autoblog.com/2006/06/23/porsche-wants-a-bigger-piece-of-volkswagen/#commentsFiled under: , , ,

Porsche AG is on its way to becoming a blocking minority stakeholder in Volkswagen AG, attempting to raise its stake in the struggling automaker by 3.9 percent of total shares to a total stake of 25.1 percent. The only thing standing in its way at the moment is clearance from the German Cartel Office.

Porsche, which is already the largest single stakeholder in VW, will be able to exert more influence over Volkswagen once the deal is done. As German laws are relaxing on how much of a company an individual stakeholder can own, Porsche's move is being looked at as a way to ensure that Volkswagen doesn't become a takeover victim.

[Source: Forbes, Reuters]

Porsche wants a bigger piece of Volkswagen originally appeared on Autoblog on Fri, 23 Jun 2006 16:26:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>majority stakeMajorityStakePorschestakeholderstakeovervolkswagen AGVolkswagenAgFri, 23 Jun 2006 16:26:00 EST