http://www.businessweek.com/globalbiz/content/jul2009/gb20090720_048461.htm...
http://www.businessweek.com/globalbiz/content/jul2009/gb20090720_048461.htm http://wheels.blogs.nytimes.com/2009/07/20/vw-to-buy-porsche-for-1128-billion-report-says/ JULY 20, 2009, 8:00 AM VW to Buy Porsche for $11.3 Billion, Report Says By DEALBOOK From our colleagues at DealBook: John MacDougall/Agence France Presse Getty Images Wendelin Wiedeking, Porsches chief executive, would be replaced in a VW purchase, Der Spiegel reported. Porsche SEs controlling families will agree ON Thursday to accept an offer by Volkswagen to buy its sports car business Porsche AG for roughly 8 billion euros ($11.3 billion), Der Spiegel reported on Saturday. Der Spiegel, Germanys leading weekly magazine, wrote that the rival Porsche and Piech clans, which own 100 percent of Porsche SE votes, would approve the two-stage takeover at a supervisory board meeting on Thursday . Volkswagen would purchase a 49.9 percent stake in Porsche AG and at a later date acquire the rest, in a deal that would create an integrated automotive group with 10 brands under the leadership of the carmaker, based in Wolfsburg. The sale would help Porsche SE pay off most of its debt, which two sources told Reuters has ballooned to considerably more than 10 billion euros. Der Spiegel also said the embattled chief executive of Porsche SE and AG, Wendelin Wiedeking, was negotiating a severance package that could total more than 100 million euros. In the meantime, the production chief, Michael Macht, will replace him as head of Porsche AG, the magazine reported. On Thursday, Mr. Wiedeking rejected speculation he was about to leave the group.