Porsche approves $7.1 billion cash infusionJuly 23rd, 2009 BERLIN - The supervisory board of German carmaker Porsche early Thursday approved a 5 billion euro ($7.1 billion) capital increase that could clear the way for a takeover by Volkswagen. The announcement came after a several-hour closed-door meeting to reach an agreement on the future of the iconic sports car maker.
Volkswagen to takeover PorscheJuly 23rd, 2009 STUTTGART - The board of the giant German carmaker Volkswagen agreed Thursday to to forge a new global automotive powerhouse by mounting a two-step 8-billion-euro, ($11.4 billion) takeover of the legendary sports vehicle group Porsche. Announcing the agreement, Volkswagen (VW) chief Martin Winterkorn said the way was now free for the creation of an integrated VW-Porsche group with the sports carmaker to remain an independent brand.
Porsche, VW face uncertain, yet intertwined path, amid bids, counterbids for takeoverJuly 23rd, 2009 Porsche, VW meet amid dueling plans for takeoversBERLIN — The boards of Porsche and Volkswagen meet Thursday in what could be a decisive moment in the battle over competing plans for takeovers and new investors. At stake is who will control what would be Germany's most powerful auto maker.
Porsche says CEO Wendelin Wiedeking to step down immediately; Michael Macht named replacementJuly 23rd, 2009 Porsche says CEO stepping downSTUTTGART, Germany — Porsche Automobil Holding SE's supervisory board says company CEO Wendelin Wiedeking is to step down immediately. The board issued a statement early Thursday morning after a meeting through the night.
Porsche chief steps down as Volkswagen prepares to take overJuly 23rd, 2009 STUTTGART - Wendelin Wiedeking, the chief executive of German carmaker Porsche AG, resigned Thursday after losing a power struggle with Volkswagen, which is set to take over Porsche. Porsche's supervisory board agreed on Wiedeking's departure after a night-long session, making him the first high-calibre victim of the drawn-out takeover battle between Porsche and Volkswagen AG.
Porsche board agrees to seek a capital increase and supports talks with Qatar investment fundJuly 23rd, 2009 Porsche board meets amid talk of takeoverSTUTTGART, Germany — Porsche Automobil Holding SE's supervisory board agreed early Thursday morning to seek a capital increase of at least €5 billion ($7.1 billion), and threw its weight behind talks with a Qatar investment fund, a spokesman said. Porsche spokesman Albrecht Bamler said the decisions came after a special meeting that started late Wednesday — a day earlier than Porsche SE — which owns Porsche AG and a 51 percent stake in Volkswagen — had originally planned an extraordinary meeting to talk about the future of both of the companies.
Volkswagen shares slide more than 8 percent as Porsche speculation swirlsJuly 20th, 2009 VW shares slide on Porsche concernsFRANKFURT — Shares of Volkswagen AG slid Monday following a report that a plan by Europe's biggest auto maker to buy Porsche could be derailed by hefty tax demands. The German daily Sueddeutsche Zeitung, citing unidentified supervisory board sources at Porsche, reported that a plan for VW to buy 49 percent of the heavily leveraged sports car maker could trigger tax demands of up to euro3 billion (nearly $4.3 billion).
Porsche supervisory board to meet July 23 as company battles debt problemsJuly 10th, 2009 Porsche board to hold special meetingSTUTTGART, Germany — Porsche's supervisory board will hold an extraordinary meeting on July 23, a spokesman said Friday, as the company grapples with debt that it accumulated building up its share in Volkswagen AG. Spokesman Albrecht Bamler confirmed the date of the Porsche Automobil Holding SE meeting but would not say what it would discuss.
Porsche: German state-owned bank seeks improved application for creditJune 22nd, 2009 Porsche: Bank seeks improved credit bidSTUTTGART, Germany — Car maker Porsche said Monday that a German state-owned bank has asked it to make improvements in its application for euro1.75 billion ($2.4 billion). Stuttgart-based Porsche is trying to alleviate debt it ran up as it increased its stake in larger German auto maker Volkswagen AG, in which it now holds a 51 percent stake.
Porsche confirms exclusive talks with Qatar investment fundJune 10th, 2009 Porsche confirms investment talks with QatarBERLIN — Porsche is in exclusive talks with a Qatar state investment fund looking to take a stake in the German sports carmaker, a spokesman confirmed Wednesday. Porsche Automobil Holding SE spokesman Albrecht Bamler would not disclose specifics, but said that "the talks are taking place in a good atmosphere."
Stuttgart-based Porsche owns nearly 51 percent of Volkswagen but ran up debt as it increased its stake.
Porsche says it's pleased with orders for new PanameraJune 2nd, 2009 Porsche pleased with Panamera ordersLEIPZIG, Germany — German car maker Porsche SE said Tuesday that it is pleased with orders for its new Panamera sedan and aims to sell about 20,000 of the vehicles annually. Michael Macht, the management board member responsible for production, said during a presentation in Leipzig that Porsche expected to build about 90 of the new sedans per day once production is in full swing.
Families behind Porsche indicate interest in merger with VolkswagenMay 6th, 2009 Piech, Porsche families indicate merger interestSALZBURG, Austria — Porsche SE announced Wednesday it was moving toward creating an "integrated" carmaker with fellow German automaker Volkswagen AG, but emphasized that the high-end sports car company would retain its independence. The statement came following private meetings in Salzburg of the Piech and Porsche families — the controlling shareholders of Porsche Automobil Holding SE.
Families behind Porsche say they will move toward "integrated" company with VolkswagenMay 6th, 2009 Porsche to form "integrated" carmaker with VWSALZBURG, Austria — Porsche SE announced Wednesday it was moving toward creating an "integrated" carmaker with fellow German automaker Volkswagen AG, but emphasized that the high-end sports car company would retain its independence. The statement came following private meetings in Salzburg of the Piech and Porsche families — the controlling shareholders of Porsche Automobil Holding SE.
Meeting in Austria, families behind Porsche discussing luxury auto maker, VolkswagenMay 6th, 2009 Piech, Porsche families meet in AustriaSALZBURG, Austria — The families that control Porsche meet Wednesday to decide if the automaker should sell Porsche to Volkswagen or even merge the two German automakers. Members of the Piech and Porsche families, the controlling share holders of Porsche Automobil Holding SE are meeting privately in Austria, but neither company has said what the talks are focusing on.
Volkswagen shares up after Porsche takes majority stakeJanuary 5th, 2009 STUTTGART - Volkswagen (VW) shares rose sharply Tuesday, a day after sports carmaker Porsche announced it had acquired a majority stake in its German rival. VW shares climbed to 287.09 euros ($384) on the Frankfurt Stock Exchange, up 12.7 percent from Monday when Porsche disclosed it had increased its stake in Europe's biggest carmaker to 50.76 percent.
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