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Offline futurism


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Didnt see this posted yet
http://www.news.com.au/business/story/0,27753,25539264-462,00.html

Porsche are borrowing money from VW, to help fund them taking over VW, doesnt make sense to me really, I probably have the wrong end of the stick
however, owners of current 911's can start ebaying the as 911 - FINAL EDITION, last of the all time classic manufactured by former German great car maker

http://www.autoblog.com/2009/05/25/report-porsche-facing-dire-times-actually-skirted-bankruptcy-i/



Offline waz356


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however, owners of current 911's can start ebaying the as 911 - FINAL EDITION, last of the all time classic manufactured by former German great car maker

Nah, they’ll just end up as a subsidiary of VW – same as Ferrari is a subsidiary of Fiat.  :doh:



Offline dkabab

so was their wealth and profitiablity false?



Offline AshSimmonds

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I haven't bothered to post any of this - I get several alerts a week and every news article seems to be something different and I got bored of it...

Starts here: http://aussieexotics.com/forum/porsche/porsche-now-controls-vw-t2305.0.html

And then here's just a few of the news articles that have come to me in the last month or so...

Quote
Porsche Says No Plans To Push For More Seats On VW Bd
Wall Street Journal - USA
FRANKFURT (Dow Jones)--Porsche Automobil Holding SE (PAH3.XE) said Tuesday that it has no plans to push for more seats on Volkswagen AG's (VOW. ...
http://online.wsj.com/article/BT-CO-20090421-714050.html

22/04/09

Quote
Volkswagen May Buy Porsche to Ease Holding Company Debt, FT Says
Bloomberg - USA
By Dave McCombs April 23 (Bloomberg) -- Volkswagen AG may bid for Porsche SE's automobile business, reversing the latter's takeover of Volkswagen, ...
http://www.bloomberg.com/apps/news?pid=20601087&sid=akENvioueH04&refer=home

Quote
Porsche buy of VW threatened by crunch
Trading Markets (press release) - Los Angeles,CA,USA
Slow sales have meant that Porsche no longer has the cash flow it needs to service the GBP9 billion (GBP8 billion) debt it raised and magazine Der Spiegel ...

23/04/09

http://www.tradingmarkets.com/.site/news/Stock%20News/2285533/

Quote
Porsche Looks at Restructuring VW Relationship
New York Times - United States
By CARTER DOUGHERTY FRANKFURT — The global financial crisis has upended many previously secure calculations, and little Porsche's ambitions to conquer ...
24/04/09

http://www.nytimes.com/2009/04/24/business/global/24porsche.html?_r=1&ref=global

Quote
Porsche Supervisory Bd Member: Co Is Healthy, Won't Be Sold
Wall Street Journal - USA
HAMBURG (Dow Jones)--Porsche Automobil Holding SE's (PAH3.XE) deputy supervisory board chairman and top labor representative of the Porsche AG unit, ...
24/04/09
http://online.wsj.com/article/BT-CO-20090423-712958.html

Quote
Qatar May Want A Piece Of Porsche
Forbes - NY,USA
Tables have turned in the long-running saga between Porsche and Volkswagen. For almost four years, German luxury carmaker Porsche has been trying to buy ...

28/04/09
http://www.forbes.com/2009/04/28/volkswagen-porsche-qatar-markets-equity-debt-update.html

Quote
Europe auto shake-up looms, Porsche sale debated
Alibaba News Channel - New York,NEW YORK,USA
In Germany, Focus magazine reported on Saturday that the Porsche and Piech families, which control Porsche Automobil Holding SE, were set to decide on a ...
04/05/09
http://news.alibaba.com/article/detail/cars/100096263-1-wrapup-2-europe-auto-shake-up-looms%252C.html

Quote
Porsche, Piech Families Said to Discuss Volkswagen Combination
Bloomberg - USA
By Andreas Cremer May 6 (Bloomberg) -- Porsche SE's controlling shareholders, the Porsche and Piech families, plan to meet in Salzburg, Austria today to ...
06/05/09
http://www.bloomberg.com/apps/news?pid=20601087&sid=ajVWwwIKZHk0&refer=home

Quote
Porsche, Volkswagon to merge

PORSCHE and Europe's biggest car seller Volkswagen have agreed to merge, creating creating an integrated auto giant with 10 independent brands.

Perth Now | 9:41 a.m. 7th May 2009

http://www.news.com.au/perthnow/story/0,21498,25442032-951,00.html

Quote
Porsche hit hard by global recession

PM - Thursday, 7 May , 2009

http://www.abc.net.au/pm/content/2008/s2563996.htm

Quote
VW wants Porsche to clean up its debt

VOLKSWAGEN chairman has laid down the terms for a merger with Porsche SE in a clear sign that Europe's biggest car maker has won the upper hand in a power struggle with a would-be predator.

The Australian Business News | 8:39 a.m. 13th May 2009

http://www.theaustralian.news.com.au/story/0,,25472911-36418,00.html?from=public_rss

Quote
Breaking News: German car industry rattled by crisis

The German car industry is facing a major shake-up with premium manufacturers such as Porsche and Mercedes reporting sales down by as much as a third.

drive.com.au | 10:52 a.m. 16th May 2009

http://www.drive.com.au/Editorial/ArticleDetail.aspx?ArticleID=62900&vf=26

Quote
Porsche, BMW consider state loans: report

BERLIN (AFP) - German car makers Porsche and BMW have discussed the possibility of state loans as they navigate the global economic crisis that has taken a heavy toll on demand, Der Spiegel magazine reported.

Yahoo!7 Finance News | 8:30 a.m. 17th May 2009

http://au.biz.yahoo.com/090516/33/26dfm.html

Quote
Brakes on VW, Porsche merger amid rift

MERGER talks between Europe's biggest carmaker Volkswagen and luxury sportscar manufacturer Porsche were suspended overnight, amid difficulties between the two German car giants.

The Australian Business News | 7:58 a.m. 18th May 2009

http://www.theaustralian.news.com.au/story/0,,25498845-36418,00.html?from=public_rss

Quote
Porsche, VW reaffirm merger goal

Cousins agree to work together to combine German carmarkers. 20 May 2009 3:29 AM

Business Spectator automotive | 3:29 a.m. 20th May 2009

http://www.businessspectator.com.au/bs.nsf/Article/WRAPUP-2-Porsche-VW-reaffirm-merger-goal-S7NDK?opendocument&src=rss

Quote
Piech helps put Porsche back on track

Ferdinand Piech, the German industrialist at the centre of a titanic struggle over the fate of Porsche, has agreed to an outside investor helping to save the sports-car maker, Porsche said.

Live News Business | 8:54 a.m. 21st May 2009

http://livenews.com.au/rss-link/piech-helps-put-porsche-back-on-track-/2009/5/21/207253

Quote
Germany holds off state aid to Porsche

FRANKFURT, Germany (AFP) - Germany is holding back on state aid to the heavily indebted luxury car maker Porsche as it seeks to recover from costly efforts to acquire its rival Volkswagen, the government said on Thursday.

Yahoo!7 Finance News | 1:29 a.m. 22nd May 2009

http://au.biz.yahoo.com/090521/33/26h2p.html

Quote
Porsche & Volkswagen merger update

It was only about 12 months ago that Porsche was being praised for its brilliance in business tactics to take over Europe’s largest manufacturer, Volkswagen. Now it seems the tables have turned. Volkswagen reported today that it has loaned 700 million euro ($1.3 million) to Porsche. An interesting and somewhat bizarre move between the two Germany [...] Original article from: Australian Car Advice - Australia's largest independent Auto site. Porsche & Volkswagen merger update

Car Advice | 4:19 p.m. 25th May 2009

http://www.caradvice.com.au/31542/porsche-volkswagen-merger-update/

Quote
Porsche fights off bankruptcy talk

German luxury sportscar maker Porsche sought to deflect talk of bankruptcy on Monday after acknowledging it had borrowed hundreds of millions of euros from Volkswagen and needed billions more.

Sydney Morning Herald Business | 6:28 a.m. 26th May 2009

http://business.smh.com.au/business/porsche-fights-off-bankruptcy-talk-20090526-bkzc.html

etc :rolleyes:



Offline Ferrari Fissatore

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I heard Ford and Renault may join up to make a budget car. Combining the Clio and bringing back the Taurus name... calling it the Clitaurus.

I'm sure there's pics or news somewhere, but I can't find it  :tilt:



Offline mondi

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I heard Ford and Renault may join up to make a budget car. Combining the Clio and bringing back the Taurus name... calling it the Clitaurus.

I'm sure there's pics or news somewhere, but I can't find it  :tilt:


OMG, that is ssssoooo old!!!!    :dopey:



Offline Ferrari Fissatore

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Offline AshSimmonds

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Quote
Porsche Tries to Deflect Bankruptcy Talk

STUTTGART, Germany — Porsche has confirmed that it borrowed nearly $1 billion from Volkswagen earlier this year, presumably to help it stave off a potential cash-flow crisis triggered by a massive debt burden estimated at $12 billion to $15 billion.

A report in Germany's Der Spiegel said the Porsche and Piëch families, which control the sports-car manufacturer, were forced to put up the family holding company as collateral.

"Porsche is not on the verge of bankruptcy," a company spokesman told the wire service AFP. Another spokesman told Reuters, "Porsche is not on the verge of insolvency even if that is alleged over and over."

But the automaker, which was forced to abandon its original plan to acquire VW, is still struggling to refinance huge debts that it ran up over the past year during the takeover attempt. Porsche was left with a 51 percent voting stake in VW, and now the two companies are negotiating the terms of a potential merger.

Britain's Telegraph reported that Porsche is seeking additional loans from several sources, including the Bank of Tokyo and the regional government of Baden-Württemberg.

Inside Line says: How quickly the mighty are humbled. — Paul Lienert, Correspondent

http://www.edmunds.com/insideline/do/News/articleId=148949



Offline AshSimmonds

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Quote
Porsche seeks US$4.37 billion loan

Following on from our previous story on Porsche’s financial issues, the German manufacturer has just announced that it will apply for a 1.75 billion euro (US$4.37 billion) loan from German state bank KfW.

A Porsche spokesman said the company did not aim to obtain state loan guarantees and intends to pay back the loan with interest.

As it stands the German bank has not yet granted the loan and Porsche is uncertain as to when the decision will take place.

Porsche is not the only German corporation in financial trouble. Numerous other high profile German companies have asked for aid from the government and KfW as a result of the current global economic crisis.

Earlier this year Porsche tried to raise 12.5 billion euro (US$21.86 billion) in loans, however it only managed to get 10 billion euro and a further 700 million euro last week (borrowed from merger partner Volkswagen).

The once wealthy manufacturer currently owns a 51 per cent voting stake in Volkswagen, and partially as a result of this purchase Porsche is now struggling under a nine billion euro (US$15.75 billion) load of debt (recorded at the end of January).

The questions to be asked are what does the future hold for Porsche and was the aggressive attempted take over of Volkswagen a wise move?

http://www.caradvice.com.au/32022/porsche-to-apply-for-a-437-billion-loan/



Offline AshSimmonds

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Quote
Porsche in 'advanced talks with Qatar'

Porsche is in advanced talks about selling a big stake to the Gulf state of Qatar that could ease the sports car maker's debt problems, a newspaper report says.

The deal could ease the sports car maker's debt problems and turn the tables in its feud with its bigger rival Volkswagen, the Financial Times reported on Tuesday.

Wendelin Wiedeking, Porsche's chief executive, is talking to the Qatar Investment Authority (QIA) about taking a stake of up to 25 per cent in its holding company, people familiar with the talks told the newspaper.

It had previously been rumoured that Qatar had made a verbal offer of assistance to the Stuttgart-based carmaker.

The Financial Times said QIA was examining Porsche's books and a deal could be announced within weeks.

Any investment by QIA would come as part of a capital increase of up to 4.5 billion euros ($A7.93 billion), the report said, adding that part of this would be paid by the Porsche and Piech family owners.

Porsche is seeking a 1.75 billion euro ($A3.08 billion)- loan from Germany's government economic stimulus program to plug major financial shortfalls.

The state-owned KfW bank discussed the credit request on Monday but made no decision.

In recent months the sports car manufacturer has attempted to negotiate credits worth 12.5 billion euros ($A22.02 billion), to cover the company's operating costs.

Porsche is struggling with nine billion euros ($A15.85 billion) of debt resulting from its planned takeover of Volkswagen (VW), Europe's largest car manufacturer.

Last month, Porsche and VW agreed to integrate their businesses into one joint company after Porsche suspended its takeover move when it ran out of money.

Analysts said a possible investment by the Middle East fund would considerably strengthen Porsche's clout in the merger talks.

Porsche already owns more than 50 per cent of VW and has been seeking to raise its stake to 75 per cent.

http://au.biz.yahoo.com/090609/2/26sn2.html



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