Porsche takes over Volkswagen

[geoff_gti]

GERMAN luxury sportscar maker Porsche has taken over Volkswagen, the biggest European car manufacturer, after purchasing more than 50 per cent of VW shares, Porsche said.
Porsche said in a brief statement overnight that by buying new VW shares, it "will thus increase its participation to 50.76 per cent" of the group's capital, compared with 42 per cent before.

The news sent Volkswagen shares rocketing up 13.48 per cent in early afternoon trading on the Frankfurt stock market.

The takeover by a family-run company run by billionaire shareholders has been a culture shock for Volkswagen, a sprawling national institution seen as a model for cooperation between shareholders and unions.

Porsche launched its takeover bid in 2005, saying it would turn Volkswagen into a "normal" enterprise and incurring fierce opposition from the unions.

Porsche had initially planned to acquire more than 50 per cent of VW's stock last year but was forced to delay the operation after the value of the shares soared amid frantic stock market speculation.

At one point, they traded for more than €1000 ($1867) per share, making VW briefly the biggest company in the world by stock market valuation.

On Monday, VW shares closed at €254.74, close to the range Porsche had set for itself of between €200-250.

http://www.news.com.au/business/stor...57-462,00.html
http://forums.eurocca.net/showthread.php?t=31644

[dubbed]

So what can we expect for the future of VW? Will the same chaps who make a majority of the decisions for VW still stay on?

[RhysQ]

there was a thread about this a while ago in which it was said they may bring out a porsche hatch!

here's the link - http://www.vwwatercooled.org.au/newf...=porsche+hatch

[gareth_oau]

hehe, if Porsche had only waited another month or so, would have cost them half as much for the takeover!!

[craig_the_german]

Lets hope the VW quality goes up and not porsche quality down....

Sorry I have had a bad run lately

[phaeton]

So what can we expect for the future of VW? Will the same chaps who make a majority of the decisions for VW still stay on?

Hopefully yes.

Martin Winterkorn only takes orders from Ferdinand Piech; if Mr. Porsche interferes too much some management is bound to clash.

So far VW will be run as usual.

[GTom]

this might sound like a stupid question, but does this now mean that porsche has a stake in all groups owned by VW?

[phaeton]

this might sound like a stupid question, but does this now mean that porsche has a stake in all groups owned by VW?

Part of German and Swedish law says Porsche also have to make an offer on Audi and Scania respectively which are not fully owned by VW.

Audi is something like 99.7 % VW owned

The other brands are wholly owned by VW so Porsche own them to the extent VW will let them control (not much).