VW Ups The Ante In Porsche Merger Bid
VW increases its bid for a stake in the German sports car maker
Volkswagen has raised the stakes in its bid to purchase a 49.9 per cent share in Porsche AG.
VW originally bid between 3 billion and 4 billion euros for a stake in the German sports car maker, a move which would help alleviate some of the 9 billion euros of debt Porsche SE (the car maker's parent company) has built up in its attempt to take over VW.
Now, though, VW has reportedly pushed its bid to considerably more than 4 billion euros, though German weekly Der Spiegel has said that Porsche CEO Wendelin Wiedeking still reckons the new sum is not enough.
Instead, Wiedeking is said to be keener on an investment by the state of Qatar in 25 per cent of the whole Porsche organisation. In that scenario, Qatar would pay 7 billion euros for a quarter of the Sports car business and Porsche's options on VW stock.
The preferred method of saving Porsche is likely to be decided on 23rd July, when the Porsche supervisory board meets.
They gambled on a law the EU had ruled as being illegal being revoked. It was, but it was immediately replaced by another almost identical one. This stopped Porsche buying the last shares it needed for control and to get their hands on the money to payback their backers.
The biter got bitten.
This has f'd Porsche over and left them vulnerable to VW...one might almost think that Lower Saxony like their veto over VW so much they're prepared to play silly beggars to preserve it...
I don't have much time for Porsche (great cars, lousy attitude, at least in the UK), but in this instance I've a lot of professional sympathy - they've been f'd over by politicians who wanted to keep their little powers/toys...
Personally I hope all hedge fund managers go to the wall and the car makers concentrate on car making.
Porsche need a good kick up the ass-they are off course and need to look after customers who used to buy their cars until oil leaks, engine failures and piss poor warranty remedies wrecked their UK image for most enthusiasts.
See how the second hand prices of 996 and Boxsters has plummeted because consumers no longer rate their post 96 cars with their crappy interiors and jelly mould bad copies of their past successes.
Porsche need a sub £25k roadster next year or they will be dead in the water
It's possibly been answered above, but if it as, I can't work it out.
This has f'd Porsche over and left them vulnerable to VW...one might almost think that Lower Saxony like their veto over VW so much they're prepared to play silly beggars to preserve it...
I don't have much time for Porsche (great cars, lousy attitude, at least in the UK), but in this instance I've a lot of professional sympathy - they've been f'd over by politicians who wanted to keep their little powers/toys...
If Porsche succeds all this will go to Baden WUertemberg as Porsche will take over VW holding
Obviously they cannot say that so the team up with Unions, say it's all for jobs and workers
Another thing is that there are currently two alpha males (Piech and Wedeking) in charge which is one too many (and at least Piech- a Porsche Grandson) rather sees his family heritage go under than give in and let somebody else have control
He tried to get rid of Wedeking through the Porsche board- as the rest of the family (Wolfgang Porsche chairs this) told him to get stuffed he no tries to do it through the VW board - which he chairs...
S
is it just me or are u also feeling some people in high places got some back handers during all this making sure things went there way
S
It's possibly been answered above, but if it as, I can't work it out.
It's possibly been answered above, but if it as, I can't work it out.
You are right about the latter part!
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