VW to buy Porsche

Discussion in 'Porsche' started by zeeshan6, Oct 20, 2009.

  1. zeeshan6

    zeeshan6 Formula Junior

    Oct 14, 2005
    Orlando, FL
    Full Name:

    JULY 20, 2009, 8:00 AM
    VW to Buy Porsche for $11.3 Billion, Report Says

    From our colleagues at DealBook:

    John MacDougall/Agence France Presse — Getty Images Wendelin Wiedeking, Porsche’s chief executive, would be replaced in a VW purchase, Der Spiegel reported.
    Porsche SE’s 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, Germany’s 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.
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  3. Kds

    Kds F1 World Champ

    Multiple repost..........sorry.
  4. wax

    wax Four Time F1 World Champ
    Advising Moderator

    Jul 20, 2003
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    Dirty Harry

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