Porsche/VW Saga

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This sounds highly unlikely - since VAG boss Winterkorn (and soon-to-be-PAHSE-CEO), said he had plans to double Porsche sales by 2012 or 2013 with 3 new models: sub-Boxster roadster, sub-Cayenne SUV, and additional Panamera spin-off model.

http://www.germancarforum.com/autom...rsche-vehicle-sales-3-new-models-planned.html


:t-hands:

Still ... Porsche brand has biggest cache, and therefore much better price positioning (and thus better profit margins).
 
Guys , sorry to go off topic .. but I've seen my first Panamera in the flesh .. and OH MY GOD ... a real stunner ... really Porsche did a great job with the car design .. very porsche and very unique .. I'd hate to see it canceled.
 
Germany Continues Investigation Of Porsche Officials

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In August, German prosecutors mounted a raid of Porsche's offices, looking into what the company's last CEO, Wendelin Wiedeking, and his financial chief, may have done to manipulate the markets and violate securities laws. Now Porsche has confirmed further raids have been conducted on apartments belonging to a sub-management level employee.

Porsche did not reveal the identity of the employee. "The investigators found what they were looking for," an unnamed source told Automotive News.

When Porsche's Stuttgart headquarters were raided on August 20, Prosecutors seized documents 'relevant to the inquiry.' Those documents led directly to the most recent round of searches.

Porsche has previously rejected allegations of wrongdoing, but is cooperating fully with the prosecutor's office, which was led to the matter by a complaint for German regulatory body BaFin, roughly equivalent to the U.S.'s Securities and Exchange Commission in some of its functions. The main violations being investigated are alleged market manipulation and insider information leaks.

What it means for the carmaker still isn't clear, though day-to-day operations are unlikely to be affected. The investigation is centered around the actions of former CEO Wiedeking and former Chief Financial Officer Holger Haerter.

Problems could still arise, however, as wrongdoing in relation to the value of Porsche shares could come back to hurt new investor Volkswagen, which recently acquired a 42% stake in the luxury sports car maker.


Source: Germany Continues Investigation Of Porsche Officials - MotorAuthority

:t-cheers:
 
Porsche-VW merger looking more unlikely

looks as if Piech is going to loose this one:D

By Drew Johnson Thursday, Mar 17th, 2011 @ 10:56 a.m.


Porsche was expected to fully merge with new parent Volkswagen by the end of the year, but the entire merger now looks to be on rocky ground. The deal is facing higher than expected legal and tax hurdles.
The original terms of the Porsche-VW merger called for the deal to be completed by the second half of 2011. However, German officials launched an investigation into two former Porsche chairmen, which Porsche said would push the merger back until at least 2012. Now it looks unlikely that the deal will get done at all.

Thanks to those legal troubles and additional tax complication, it looks unlikely that Volkswagen AG will fully merge with Porsche SE. However, VW still plans to take full control of Porsche AG – the automaker’s car-making division. VW currently holds a 49.9 percent stake in Porsche AG.

In case the deal doesn’t go through, Porsche SE is working on plans to attract investors as part of a stand-alone strategy.

http://www../porsche-vw-merger-looking-more-unlikely.html
 
Volkswagen may complete Porsche takeover this year, report says

BERLIN -- Volkswagen Group may this year complete the purchase of the 50.1 percent of Porsche Automobile Holding SE's automotive business that it does not already own for 3.9 billion euros, a German magazine said.VW will get around having to pay more than 1 billion euros in taxes if completing the purchase before 2014 by setting up a holding company to temporarily take control of the stake, Der Spiegel reported, citing unidentified VW managers.Volkswagen will also take steps to ensure Porsche's independence within the VW group to get over resistance from Porsche labor leaders, the magazine said.VW already owns 49.9 percent of Porsche's automotive unit.VW is "still in the process" of deciding on a plan to integrate with Porsche SE's automotive business, Christine Ritz, a VW spokeswoman, said on Sunday."Of course all the parties are interested in achieving the goal of an integrated automotive group as soon as it makes economic sense to do so," Ritz told Bloomberg. "As soon as we have made a decision to achieve that goal, we will communicate that."Ritz declined to comment on the report in Der Spiegel."As we said in September, we want to check alternatives and that process is ongoing," Frank Gaube, a Porsche spokesman, said by telephone, declining to comment further.Big savingsVolkswagen has said that the combination with Porsche will boost profitability and save 700 million euros. VW, whose main luxury brands include Audi, Lamborghini and Bugatti, makes more vehicles in a week than Porsche does in a year.The two companies had worked on a full-blown merger since 2009, when Porsche failed in a hostile attempt to take over VW, the sports-car maker's biggest supplier. Porsche racked up more than 10 billion euros of debt as it purchased the majority of VW's common shares.Short sellers of VW stock sued Porsche in the U.S., claiming it secretly piled up VW shares and later caused the investors to lose more than $1 billion.Claimants in Germany have also sought damages, while prosecutors in Stuttgart, where Porsche is based, are investigating suspicions that the sports-car maker didn't adequately inform investors about its plan to take control of VW. Porsche has repeatedly denied all allegations of wrongdoing.​
Click to expand...
 
VW, whose main luxury brands include Audi, Lamborghini and Bugatti, makes more vehicles in a week than Porsche does in a year.
Click to expand...

LOL, poor Porsche.....they are going to be eaten alive and there will be nothing they can do. Assimilation >>>><<<<<

 
Nice post and we can find common components and systems that can be used in Porsche as well as Audis and Bentleys.
 
The Bong remark is unfounded in my opinion, whilst there is some platform and parts sharing across the brands for the most part each have their own identity and some are completely unique which is very un-Borg like.

I don't think any other company could do what they have done half as well.
 
Porsche Automobil Holding wants to complete VW deal as soon as possible


By Paul Rachwal Monday, Jun 25th
Porsche Automobil Holding SE wants to complete VW’s buyout of its sports car business as soon as possible. This would cost the company nearly $1.9 billion in taxes, however, despite the automaker finding a way around this fee if it waits to complete the deal after August, 2014.

“The state would benefit significantly through higher tax income,” Martin Winterkorn, Porsche CEO said in a prepared speech at a shareholder meeting this week. Winterkorn also serves as VW’s CEO. He went on to say about 700 million euros (about $874 million) a year are wasted by inefficiencies from keeping operations separate, Reuters reported.
VW already owns 49.9 percent of Porsche, with the remaining 50.1 percent costing about $5.65 billion. The tax-evading loophole has to do with VW transferring one voting share to Porsche in the deal, as it would then be seen as a reshuffle of the company rather than an outright sale by tax officials.
http://www.leftlanenews.com/porsche...-to-complete-vw-deal-as-soon-as-possible.html
Click to expand...
 
This story is still on!

Porsche SE: Lawsuit against supervisory board members without merit

Claims for damages remains unchanged / A tactical form of pressure

Stuttgart. February 2, 2014. Porsche Automobil Holding SE (Porsche SE) believes that the suit filed by seven hedge funds against the chairman of the supervisory board, Dr. Wolfgang Porsche, and one other supervisory board member, Prof. Dr. Ferdinand Piëch, is without merit. The hedge funds, that already filed suit against Porsche SE before the Regional Court of Hanover (Landgericht Hannover), have initiated a civil action against the two supervisory board members at the Regional Court of Frankfurt am Main (Landgericht Frankfurt am Main). The plaintiffs argue that both supervisory board members participated in reaching all the decisions that Porsche SE made in connection with increasing its stake in Volkswagen between 2005 and 2008.

Porsche SE is of the opinion that the “new” civil action solely functions as a trial tactic and aims to put pressure on it. Neither these supervisory board members nor Porsche SE will be intimidated by this. Porsche SE has joined the proceeding in support of the defendants.

Porsche SE and the two supervisory board members will resort to all legal means to defend themselves against this lawsuit. Porsche SE confirms that all press releases the company published during the period in dispute are truthful and believes that this suit is also without merit.

This group of plaintiffs already filed a claim for damages in the amount of 1.8 billion Euro against Porsche SE in January 2012. The hedge funds’ new statement of claim does not contain new aspects in terms of content when compared to that brought in the proceeding that is now pending at the Regional Court of Hanover.

The claim for damages brought before the Regional Court of Frankfurt am Main is equal in amount to the one brought before the Regional Court of Hanover. The total amount of the claims for damages will not increase as a consequence thereof.
Click to expand...

From Porsche SE
 
Interesting.

@EnI

U.S. Court of Appeals affirms dismissal of hedge funds’ lawsuits

No jurisdiction of U.S. courts / Plaintiffs, however, can act against this decision

Stuttgart, 18 August 2014. Porsche Automobil Holding SE, Stuttgart (Porsche SE), achieved a further success in lawsuits with U.S. hedge funds. The Court of Appeals for the Second Circuit affirmed the U.S. District Court for the Southern District of New York’s dismissal of the lawsuits of the eight hedge funds remaining in the appeal as of December 30, 2010, in which the jurisdiction of the U.S. courts as claimed by the hedge funds was rejected.

The plaintiffs asserted claims against Porsche SE under the U.S. securities laws and common law arising out of Porsche SE's acquisition of and disclosures regarding Volkswagen ordinary shares in 2008. However, the plaintiffs can act procedurally against this decision.
Click to expand...
 
Excellent article on the whole Porsche VW saga -

Porsche: The Hedge Fund that Also Made Cars
In 2008, Porsche was cruising.
The luxury car manufacturer generated $13.5 BN in pre-tax profit, and sold a record 98,652 automobiles -- a staggering $136K profit per car sold. Even for a luxury brand, the numbers seemed nearly impossible.
Upon closer inspection, $11.5 billion dollars of that profit wasn’t from selling cars -- it was from speculating on financial derivatives: Porsche was furtively amassing a sizable position in call options to buy up Volkswagen shares. As a report from the BBC put it, Porsche was “a hedge fund with a carmaker attached.” In 2008, the car business was good, but the financial engineering business was even better.
The company’s CEO at the time, Wendelin Wiedeking, was the highest paid executive in all of Germany. He’d taken the helm of the company in 1993 when the once-fabled car-maker was bleeding money and at the edge of irrelevancy. When he took the position, he negotiated a seemingly moot provision in his contract that would give him 1% of the company’s annual profits as bonus -- in the unlikely event the company ever turned a profit. The company was losing $150MM a year at the time; no one could’ve foreseen how lucrative that provision would turn out to be.
The company’s operational performance improved tremendously under Wiedeking’s decade-long management, and the company sold thousands of cars at very lucrative profit margins. And so, the CEO set his sights on an even bigger financial coupe: He’d acquire Volkswagen, the largest car manufacturer in Germany. At the time, Volkswagen produced 50 times more cars than Porsche. But, starting in 2005, the smaller competitor quietly bought up Volkswagen shares and options; by October 2008, Porsce announced that it controlled 74% of VW.
At that moment, the hostile takeover of massive Volkswagen by little Porsche seemed inevitable. But just five months later, Porsche’s plan fell apart: just before completing the acquisition, the global financial crisis worsened and the company ran out of money. Porsche had gone severely into debt to buy out VW; all of a sudden, banks were very anxious to get their $13 billion in loans repaid.
Porsche was left scrambling for a white knight to save it from its financial woes. In a stunning turn of events, that white knight ended up being Volkswagen, the very company Porsche had attempted to acquire...

http://priceonomics.com/porsche-the-hedge-fund-that-also-made-cars/.
 
OMG! What a drama! An unrest in the Empire. A huge clash between Darth Vader & the Emperor himselfs about the successor to the throne.


VW patron Piëch 'distancing' himself from CEO Winterkorn
Volkswagen's major shareholder and supervisory board chair, Ferdinand Piëch, has voiced doubt about VW CEO Martin Winterkorn taking his place in two years' time. Previously, this transition had seemed assured.

One short sentence, quoted in advance by news magazine Spiegel on Friday before next week's edition hit the newsstands, has cast serious doubt over the future leadership of Europe's largest carmaker, the 12-badge behemoth that is the Volkswagen Group.
"I am distancing myself from Martin Winterkorn," Spiegel quoted VW boss Ferdinand Piëch as saying, in reference to the CEO of Volkswagen - Germany's best-paid executive of 2014 after raking in 15.6 billion euros ($16.5 billion at today's rates).

Winterkorn, a close ally of Piëch ever since joining Audi in the 1980s, had long seemed a certainty to replace the 77-year-old as chair of the Volkswagen supervisory board. The grandson of Beetle-inventor Ferdinand Porsche, Piëch and his family retain major shares of both Volkswagen and Porsche.
Piëch: My wife's not next in line
One line of speculation was that Piëch intended to keep the business within the family, by appointing his wife Ursula in his stead, but the Austrian rejected this: "I am striving to get the right people at the top of the supervisory board and board of directors," Piëch told Spiegel, "and they are no relatives of mine, also not my wife."
Ursula Piëch is already a member of the board, and her husband said that she would remain in this role. "She won't do anything more," Piëch said, claiming that he did not want "to continue to rule via my wife."
Piëch's current term expires at the beginning of 2017, and the father of 12 told Spiegel that the right people to replace him were already within the 12-badge brand, without naming anybody. He also said that only people with a genuine engineering background - like himself and Winterkorn - could be considered for such positions.
Staff council, and government, defend Winterkorn
Rumors of dissatisfaction between the VW bigwigs first surfaced a few weeks ago, when Winterkorn was asked whether he would extend his contract beyond 2016 - the VW CEO told magazine Stern "you never know." Similarly, Piëch had displayed a rare glimmer of dissatisfaction last year when asked if he was satisfied with the brand's overall progression, responding "not really."

Despite the sudden instability, the Volkswagen Group as a whole continues to rack up record numbers. Across its 12 car brands, VW logged record profits of 12.7 billion euros for 2014, albeit with VW itself logging a drop in operating profit. Staff council president Bernd Osterloh raced to Winterkorn's defense on Friday.
"We have a clear position, which has not changed at all. With Dr. Winterkorn, we have one of the most successful automobile managers on board," the influential VW insider said.
Stephan Weil, the state premier of Lower Saxony - himself a member of the VW board because of the state owning a 20 percent share in the company - told German news agency dpa that he was "uncomfortably surprised by the quoted comments of Professor Piëch." Lower Saxony retains special voting rights on the VW board and can veto some significant decisions at the company. Only the Piëch and Porsche families hold a larger stake.
Europe's biggest carmaker remains in a three-way race with Toyota and General Motors for the crown of the best-selling brand in the world per unit, with all three manufacturers hovering close to the 10-million mark in 2014. VW's stated aim for several years has been to leave Toyota and GM behind.
Volkswagen's share prices were unaffected in late trading by the news, closing slightly up for the day at 244.40 euros per share. At the start of the calendar year, VW shares were closer to 180 euros, with the stock rising along with the DAX index as a whole in recent months.

msh/cmk (dpa, Reuters)

http://www.dw.de/vw-patron-piëch-distancing-himself-from-ceo-winterkorn/a-18375070
 
Parallels... So many Parallels.;)
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Sunny said:
Excellent article on the whole Porsche VW saga -

Porsche: The Hedge Fund that Also Made Cars
In 2008, Porsche was cruising.
The luxury car manufacturer generated $13.5 BN in pre-tax profit, and sold a record 98,652 automobiles -- a staggering $136K profit per car sold. Even for a luxury brand, the numbers seemed nearly impossible.
Upon closer inspection, $11.5 billion dollars of that profit wasn’t from selling cars -- it was from speculating on financial derivatives: Porsche was furtively amassing a sizable position in call options to buy up Volkswagen shares. As a report from the BBC put it, Porsche was “a hedge fund with a carmaker attached.” In 2008, the car business was good, but the financial engineering business was even better.
The company’s CEO at the time, Wendelin Wiedeking, was the highest paid executive in all of Germany. He’d taken the helm of the company in 1993 when the once-fabled car-maker was bleeding money and at the edge of irrelevancy. When he took the position, he negotiated a seemingly moot provision in his contract that would give him 1% of the company’s annual profits as bonus -- in the unlikely event the company ever turned a profit. The company was losing $150MM a year at the time; no one could’ve foreseen how lucrative that provision would turn out to be.
The company’s operational performance improved tremendously under Wiedeking’s decade-long management, and the company sold thousands of cars at very lucrative profit margins. And so, the CEO set his sights on an even bigger financial coupe: He’d acquire Volkswagen, the largest car manufacturer in Germany. At the time, Volkswagen produced 50 times more cars than Porsche. But, starting in 2005, the smaller competitor quietly bought up Volkswagen shares and options; by October 2008, Porsce announced that it controlled 74% of VW.
At that moment, the hostile takeover of massive Volkswagen by little Porsche seemed inevitable. But just five months later, Porsche’s plan fell apart: just before completing the acquisition, the global financial crisis worsened and the company ran out of money. Porsche had gone severely into debt to buy out VW; all of a sudden, banks were very anxious to get their $13 billion in loans repaid.
Porsche was left scrambling for a white knight to save it from its financial woes. In a stunning turn of events, that white knight ended up being Volkswagen, the very company Porsche had attempted to acquire...

http://priceonomics.com/porsche-the-hedge-fund-that-also-made-cars/.
Click to expand...

It's similar to how McDonald is one of the world biggest real estate companies. Their balance sheet is $38 billion but $36 billion of that is in property value. If someone wants to open up a McDonalds, the brand would buy a property and rent it out to the restaurant owner.
 

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