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Offline app


  • Joined: Sep 2008

  • Location: Adelaide
kinda following Ash's article, but this one came up today

Quote
Arabs poised to snap up Porsche
Article from: Agence France-

June 14, 2009 03:30am
QATAR is ready to acquire at least a 25 per cent stake in German luxury sportscar maker Porsche, heavily in debt after increasing its shares in Volkswagen, according to German media.

"The emirate of Qatar and its adviser Credit Suisse on June 8 finished the preliminary examination of Porsche's books,'' the German news weekly Der Spiegel says in an article to appear in Monday's edition.

Ferdinand Piech, a co-owner of Porsche and former Volkswagen boss, does not have enough backing to turn down Qatar, the weekly says.

A special meeting of Porsche's board of directors could decide in early July on a capital increase to present to shareholders at an annual general meeting in September.

At the latest by November, up to five billion euros ($A8.61 billion) could be added to Porsche's accounts by a capital increase,'' Spiegel said.

According to the Sunday edition of the Frankfurter Allgemeine Zeitung, how Qatar can invest in Porsche will be discussed this weekend.

Qatar has asked for voting shares, a first at Porsche which is wholly controlled by members of the Porsche-Piech families, German media reported.

Porsche is being crushed by nine billion euros ($A15.51 billion) of debt incurred when it tried to take over Volkswagen, the biggest European carmaker, in which Porsche now holds a stake of 51 per cent.

Porsche abandoned its bid to take full control of VW last month and the two car makers said they would discuss terms of a merger, but disagreements quickly surfaced between the Porsche and Piech families.

The state of Qatar investing in Porsche could allow the car maker to revive its original plan of taking over the much bigger VW.

It would also mark the second major investment by Middle Eastern interests in Germany's auto sector.

In late March, the Abu Dhabi state investment fund Aabar Investments bought a nine per cent stake in Daimler, which owns Mercedes-Benz.

Porsche could not be reached on Saturday for comment on the media reports.

http://www.news.com.au/dailytelegraph/story/0,22049,25633567-5014099,00.html






Offline AshSimmonds

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More boring non-news - it's the age we live in I suppose - every dull angle covered by thousands so you don't miss it.

Yay - we're another one. :)

Quote
Porsche bosses accuse Volkswagen of 'extortion'

PORSCHE and Volkswagen are attempting to thrash out the terms of a merger after a war of words exploded between the two German car groups.

Volkswagen denied that it had set Porsche an ultimatum for agreeing on a merger deal, after Porsche bosses had accused their rival of "extortion".

The spat comes as the companies attempt to decide on the structure of a tie-up that is also likely to involve major investment from the Gulf state of Qatar.

Tensions surfaced after a report on the website of Der Spiegel magazine claimed that Volkswagen had set Porsche a deadline to agree to a merger plan, or otherwise pay back a €700 million ($A1.2 billion) loan.

Porsche's chairman, Wolfgang Porsche, and his deputy on the Stuttgart-based company's supervisory board, Uwe Huck, then put out a statement in which they vowed not to "accept extortion".

"Ultimatums do not belong in the 21st century," they said. "We hope very much in the interest of the common goals that its authors regain their calm and will pursue their proposals in internal talks and not via headlines."

But Volkswagen denied that it had made such a demand. "There is no ultimatum," a spokesman for the Wolfsburg-based company told Reuters.

According to Der Spiegel, the plan put to Porsche would see Volkswagen take a 49.9 per cent stake in the car maker before the Qatar Investment Authority acquired Porsche's Volkswagen shares. The combined entity formed as a result of these steps would be 40 per cent owned by the Porsche and Piech families, with the Qataris taking 15 per cent and another sovereign wealth fund picking up 5 per cent. Some 20 per cent would be held by the state of Lower Saxony, a key investor in Volkswagen.

Porsche could yet seek to avoid the embrace of Volkswagen by going it alone with the Qataris.

The row is the latest twist in a saga that has seen Porsche, once Volkswagen's predator and now its majority shareholder with a 51 per cent stake, lose its advantage.

http://business.theage.com.au/business/porsche-bosses-accuse-volkswagen-of-extortion-20090629-d2lw.html






Offline super squalo


  • Joined: Aug 2008

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news not looking good seems the reverse may happen with VW doing an RTO of Porsche

Unless the Qatar investors get a deal away seems the chairman of VW has power of Veto as the major shareholder of Porsche :doh:
try it you may like !!!

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Offline AshSimmonds

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Ok after many dozens of blah blah articles on a daily basis about the bollocking between Porsche/VW - this article stands out...

Quote
Porsche boss exits with $87m parachute

July 23, 2009 - 3:58PM

German luxury car maker Porsche has announced the resignation "with immediate effect'' of its chief executive Wendelin Wiedeking and financial director Holger Haerter.


In a statement today, the Stuttgart-based firm said an agreement on the resignations had been reached with the supervisory board, and that Wiedeking - said to be the best-paid executive in Germany - will get a golden handshake worth 50 million euros ($87.08 million), with half that sum going to a "social foundation''.

Porsche's current production chief Michael Macht is to succeed Wiedeking, who together with Haerter, was the architect of Porsche's bid to take over Volkswagen, Europe's biggest automaker.

http://business.theage.com.au/business/porsche-boss-exits-with-87m-parachute-20090723-dulv.html


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Offline AshSimmonds

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This article was a few days ago...

Quote
PORSCHE chief Wendelin Wiedeking is set to pick up a pay-off of at least 100 million euro ($176m) when he leaves the debt-ridden company.

It will be the biggest golden parachute ever given to an industry boss in Europe and dwarfs the record £50m ($102m) paid to Jurgen Schrempp when he left Daimler in 2005.

Industry insiders speculate that Mr Wiedeking, whose contract runs until 2012, could negotiate an even higher price for his departure, and has hired one of Germany’s top lawyers, Jobst-Hubertus Bauer.

The severance package would consist of what he would earn for the rest of his contract, plus a share package, a lump sum payment and his pension rights.

The size of the deal is bound to cause controversy at a time when governments around the world are questioning the size of salaries and payouts made to top managers.

Josef Ackermann at Deutsche Bank has bowed to public pressure and waived his right to an estimated €12m bonus. Peer Steinbruck, the German finance minister, has called for the pay of top managers to be pegged at £500,000 a year.

And many European workers, faced with the worst recession since the second world war, will be outraged that an employee such as Mr Wiedeking, who is already rich, needs such vast compensation.

Mr Wiedeking, though, is in a league of his own even by the standards of the world’s fabulously well paid. His salary last year topped €80m. He said recently: “I’m the chief executive . . . and I’m feeling as happy as a cat in that role.”

His remuneration agreement has turned into an astonishing gold mine. In 1993 when he took the helm, a nearly bankrupt Porsche offered him €1m a year in basic pay and gave him 1 per cent of the profits. Mr Wiedeking promptly turned Porsche into the most profitable car company in the world.

He is expected to offer his resignation on Thursday at an extraordinary meeting of the Porsche supervisory committee in Stuttgart, when it will be made clear to him that Porsche will become part of Volkswagen. The offer by VW is expected to amount to €8 billion ($14bn).

Porsche is struggling to refinance €10bn of debt and has seen its market value plunge in the past two years from €27bn to €7.2bn, dropping 21 per cent this year alone.

Members of the Porsche family, who own the sports-car maker, blamed Mr Wiedeking for a series of spectacular stockmarket deals that went sour when the financial crisis began. His main critic has been Ferdinand Piech, chairman of the Volkswagen supervisory committee and grandson of Ferdinand Porsche.

For months Mr Wiedeking has been fighting a bitter battle against Mr Piech, described by one former Porsche executive as “open warfare”. They fell out especially over plans to bring Volkswagen and Porsche closer together in an alliance.

“Piech wants to give Porsche -- and in particular Wendelin Wiedeking -- the boot,” said Ferdinand Dudenhoffer, a motor industry analyst and former head of marketing strategy at Porsche.

It’s reported that the new Porsche chief executive will be Michael Macht, the board member responsible for production who worked closely with Mr Wiedeking to turn round Porsche’s fortunes in the mid 1990s.

A Porsche spokesman dismissed reports that Mr Wiedeking would resign this week as “pure speculation”.

http://www.theaustralian.news.com.au/business/story/0,28124,25807234-643,00.html



Offline super squalo


  • Joined: Aug 2008

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does the phrase take your money and run

oh and dont look back !!!!! :waah:
try it you may like !!!

Back from the Dead



Offline AshSimmonds

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does the phrase take your money and run

oh and dont look back !!!!! :waah:

For shits n giggles I'm going to try and make this one of the top results when searching images for Wendelin Wiedeking or Porsche boss.  Got a lot of competition so check back in a month or so. :D

Image



Offline app


  • Joined: Sep 2008

  • Location: Adelaide
looking at his lips, im wondering what he was about to say

it looks like he is about to say something starting with "f" :p



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