Porsche/VW Saga
- Thread starter PanterroR
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bmer
Tire Trailblazer
Re: Updated: EU approves Porsche takeover of Volkswagen
Poor Piech?
He's a very autocratic and ruthless man. He ousted the ex-VW CEO Bernd Pischetstrieder a couple of years ago because he tried to bring more transparency to VW and try to break the company structure that is very open to corruption (the sex/bribe scandal in VW). Piech saw this as a threat to his dynasty (his men sit on the supervisory board) so he used his power to get rid of Pischetsrieder and Wolfgang Bernhard.
Poor Piech?
He's a very autocratic and ruthless man. He ousted the ex-VW CEO Bernd Pischetstrieder a couple of years ago because he tried to bring more transparency to VW and try to break the company structure that is very open to corruption (the sex/bribe scandal in VW). Piech saw this as a threat to his dynasty (his men sit on the supervisory board) so he used his power to get rid of Pischetsrieder and Wolfgang Bernhard.
PanterroR
Lap Time Luminary
Porsche planning internal coup against Ferdinand Piëch
Porsche’s chairman, Wolfgang Porsche, has apparently gained the support to remove his cousin, Ferdinand Piëch, from power as Volkswagen’s chairman. The two families that own the German automaker have backed Wolfgang Porsche after a VW board meeting last week when Piëch formally disagreed with several key Porsche board members.
Porsche has been attempting to take over ownership of Volkswagen. Both companies are mired in both tradition and a tremendously complicated relationship of ownership. A high-ranking Porsche employee is quoted in German magazine Focus as saying that “It is not a question of ‘if,’ rather ‘when’ and ‘how.’”
Wolfgang Porsche was quoted as telling Focus magazine of Piech: “I am horrified by the behavior of the chairman”.
Source - LLN.
Porsche’s chairman, Wolfgang Porsche, has apparently gained the support to remove his cousin, Ferdinand Piëch, from power as Volkswagen’s chairman. The two families that own the German automaker have backed Wolfgang Porsche after a VW board meeting last week when Piëch formally disagreed with several key Porsche board members.
Porsche has been attempting to take over ownership of Volkswagen. Both companies are mired in both tradition and a tremendously complicated relationship of ownership. A high-ranking Porsche employee is quoted in German magazine Focus as saying that “It is not a question of ‘if,’ rather ‘when’ and ‘how.’”
Wolfgang Porsche was quoted as telling Focus magazine of Piech: “I am horrified by the behavior of the chairman”.
Source - LLN.
Merc1
Premium
Re: Porsche planning internal coup against Ferdinand Piëch
It would be nice to be related, but not involved in the business end. Uncle Ferdi could give me a new 911 C4S Cabrio with PDK/Chrono. Oh and a Phaeton V8 too.
Throwing Piech out? I'll believe it when I see it. He is the Blake Carrington of the automotive industry.
M
It would be nice to be related, but not involved in the business end. Uncle Ferdi could give me a new 911 C4S Cabrio with PDK/Chrono. Oh and a Phaeton V8 too.
Throwing Piech out? I'll believe it when I see it. He is the Blake Carrington of the automotive industry.
M
Tarek
Cornering Kingpin
Re: Updated: EU approves Porsche takeover of Volkswagen
I know that but as the article suggests,he has a bull's eye on his back
Poor Piech?
He's a very autocratic and ruthless man. He ousted the ex-VW CEO Bernd Pischetstrieder a couple of years ago because he tried to bring more transparency to VW and try to break the company structure that is very open to corruption (the sex/bribe scandal in VW). Piech saw this as a threat to his dynasty (his men sit on the supervisory board) so he used his power to get rid of Pischetsrieder and Wolfgang Bernhard.
I know that but as the article suggests,he has a bull's eye on his back
Bartek S.
Aerodynamic Ace
Re: Updated: EU approves Porsche takeover of Volkswagen
Porsche raises VW stake to 35%, offers to buy Audi
Porsche has announced today that it has raised its stake in Volkswagen Group to 35% - up from 31% - and in doing so has made VW a subsidiary of Porsche Automobil Holding under German law. The story doesn’t end there as under the same law Porsche is now required to submit a formal offer to purchase Audi as part of the new shareholder structure.
Following today’s announcement, Porsche CEO Wendelin Wiedeking assured investors that his company has no plans to separate Audi from the rest of the VW Group anytime soon, reports Automotive News. “We see Audi as an integral part of VW and have no interest in taking the company out of the group,” Wiedeking revealed at a conference.
The news comes as Porsche and VW continue to squabble over who will control day-to-day operations once the stock acquisition is completed. VW recently called on Porsche to stay out of its daily operations, with its chairman Ferdinand Piëch braking ranks with his Porsche-family cousins to side with VW’s management board. The takeover has also sparked a power struggle between the Porsche and VW labor unions, with VW members angry that Porsche will have more directors on the board despite have significantly lower overall staff numbers to represent.
(more…)
Porsche raises VW stake to 35%, offers to buy Audi
Porsche has announced today that it has raised its stake in Volkswagen Group to 35% - up from 31% - and in doing so has made VW a subsidiary of Porsche Automobil Holding under German law. The story doesn’t end there as under the same law Porsche is now required to submit a formal offer to purchase Audi as part of the new shareholder structure.
Following today’s announcement, Porsche CEO Wendelin Wiedeking assured investors that his company has no plans to separate Audi from the rest of the VW Group anytime soon, reports Automotive News. “We see Audi as an integral part of VW and have no interest in taking the company out of the group,” Wiedeking revealed at a conference.
The news comes as Porsche and VW continue to squabble over who will control day-to-day operations once the stock acquisition is completed. VW recently called on Porsche to stay out of its daily operations, with its chairman Ferdinand Piëch braking ranks with his Porsche-family cousins to side with VW’s management board. The takeover has also sparked a power struggle between the Porsche and VW labor unions, with VW members angry that Porsche will have more directors on the board despite have significantly lower overall staff numbers to represent.
(more…)
phaeton
AMG Aficionado
Re: Updated: EU approves Porsche takeover of Volkswagen
For Wolfgang (Porsche) to remove Ferdinand (Piech) will be very tough IMO.
The unions follow Ferdinand as he supports them, so no Ferdinand could mean strikes galore if he is removed from VW.
The only way I see this going good is if Wolfgang can convince Ferdinand to retire, but thats like asking VW to change the Golf design language
For Wolfgang (Porsche) to remove Ferdinand (Piech) will be very tough IMO.
The unions follow Ferdinand as he supports them, so no Ferdinand could mean strikes galore if he is removed from VW.
The only way I see this going good is if Wolfgang can convince Ferdinand to retire, but thats like asking VW to change the Golf design language
SDNR
Kraftwagen König
Re: Updated: EU approves Porsche takeover of Volkswagen
I actually think it could be the best thing to happen to VW. VW seems to have been "messy" over the past few years -- I will be fascinated to see what happens with Lamborghini and Bugatti though
Totally.
I actually think it could be the best thing to happen to VW. VW seems to have been "messy" over the past few years -- I will be fascinated to see what happens with Lamborghini and Bugatti though
SDNR
Kraftwagen König
Re: Updated: EU approves Porsche takeover of Volkswagen
...but what about the the obvious conflict with their parent brand? -- I feel Porsche is a much more focused company than VW has been -- will it continue to let VW cannibalize itself with different brands crossing into each other's territory?
...but what about the the obvious conflict with their parent brand? -- I feel Porsche is a much more focused company than VW has been -- will it continue to let VW cannibalize itself with different brands crossing into each other's territory?
Bartek S.
Aerodynamic Ace
Re: Updated: EU approves Porsche takeover of Volkswagen
Porsche Increases Stake in Volkswagen Group 35.14 Percent
Porsche Automobil Holding SE, Stuttgart, acquired a further 4.89 per cent of the Volkswagen ordinary shares on Tuesday, 16 September. As a result, the total stake in the Wolfsburg-based car manufacturer now amounts to 35.14 per cent of the voting rights. This step ensures that Porsche has a lasting majority at the VW annual general meeting.
Dr. Wendelin Wiedeking, Chief Executive Officer of Porsche, said: “Our goal continues to be to increase our stake in Volkswagen to more than 50 per cent. Today’s step is a further milestone along this road.” He added: “We look forward to continuing and intensifying our cooperation with the Managing Board of Volkswagen, which is based on a spirit of mutual trust, and are hoping for a quick resolution of the conflict between the employee representatives of Porsche and VW.”
By going above 35 per cent of the voting rights, Porsche will acquire de facto control of the Wolfsburg-based group. As a result, employee representatives of Volkswagen will now take seats in the Works Council of Porsche SE and the Supervisory Board of Porsche SE. The Works Council of Porsche SE will be informed about the increase of the stake and will be asked to reconstitute itself. Dr. Wiedeking was confident that the co-operation between the employee representatives of Porsche and Volkswagen in both bodies – Works Council and Supervisory Board – would help them develop a better understanding of each other’s positions and would lead to a constructive and forward-looking co-existence.
As a result of the new shareholder structure, Porsche is required by law to submit a formal mandatory offer for the VW subsidiary Audi AG, Ingolstadt. The relevant offer documents must be filed with the German Federal Agency for Financial Services Supervision (BaFin) within the next four weeks and, once cleared, can be found on the website of Porsche SE at Home - Porsche Automobil Holding SE. This formality is a statutory requirement and has no effect whatsoever on the intentions of Porsche. Dr. Wiedeking commented: “We regard Audi as an integral part of the Volkswagen group and have no interest in removing the company from the group structure.”
In light of this, Porsche will only offer the minimum price prescribed by law for the shares, which is expected to be about 487 Euro per Audi share. Volkswagen has stated that it will not be accepting the offer for its 99.14 per cent of the Audi shares. In practice, therefore, the mandatory offer only relates to a freefloat of 0.86 per cent, representing approximately 370,000 Audi shares. Based on last Monday’s closing price, these are valued at approximately 170 million Euro. Porsche does not intend to acquire Audi shares outside the mandatory offer.
More:Porsche Increases Stake in Volkswagen Group 35.14 Percent
Porsche Increases Stake in Volkswagen Group 35.14 Percent
Porsche Automobil Holding SE, Stuttgart, acquired a further 4.89 per cent of the Volkswagen ordinary shares on Tuesday, 16 September. As a result, the total stake in the Wolfsburg-based car manufacturer now amounts to 35.14 per cent of the voting rights. This step ensures that Porsche has a lasting majority at the VW annual general meeting.
Dr. Wendelin Wiedeking, Chief Executive Officer of Porsche, said: “Our goal continues to be to increase our stake in Volkswagen to more than 50 per cent. Today’s step is a further milestone along this road.” He added: “We look forward to continuing and intensifying our cooperation with the Managing Board of Volkswagen, which is based on a spirit of mutual trust, and are hoping for a quick resolution of the conflict between the employee representatives of Porsche and VW.”
By going above 35 per cent of the voting rights, Porsche will acquire de facto control of the Wolfsburg-based group. As a result, employee representatives of Volkswagen will now take seats in the Works Council of Porsche SE and the Supervisory Board of Porsche SE. The Works Council of Porsche SE will be informed about the increase of the stake and will be asked to reconstitute itself. Dr. Wiedeking was confident that the co-operation between the employee representatives of Porsche and Volkswagen in both bodies – Works Council and Supervisory Board – would help them develop a better understanding of each other’s positions and would lead to a constructive and forward-looking co-existence.
As a result of the new shareholder structure, Porsche is required by law to submit a formal mandatory offer for the VW subsidiary Audi AG, Ingolstadt. The relevant offer documents must be filed with the German Federal Agency for Financial Services Supervision (BaFin) within the next four weeks and, once cleared, can be found on the website of Porsche SE at Home - Porsche Automobil Holding SE. This formality is a statutory requirement and has no effect whatsoever on the intentions of Porsche. Dr. Wiedeking commented: “We regard Audi as an integral part of the Volkswagen group and have no interest in removing the company from the group structure.”
In light of this, Porsche will only offer the minimum price prescribed by law for the shares, which is expected to be about 487 Euro per Audi share. Volkswagen has stated that it will not be accepting the offer for its 99.14 per cent of the Audi shares. In practice, therefore, the mandatory offer only relates to a freefloat of 0.86 per cent, representing approximately 370,000 Audi shares. Based on last Monday’s closing price, these are valued at approximately 170 million Euro. Porsche does not intend to acquire Audi shares outside the mandatory offer.
More:Porsche Increases Stake in Volkswagen Group 35.14 Percent
Centurion
Apex Apex Predator
Porsche wants Audi engines, VW says no.
VW and Porsche can't get along, risk future tech and product plans.
In the land of mergers and acquisitions, there are takeovers, there are hostile takeovers, and then there are I'm Gonna Git You Sucka No Matter What takeovers. Porsche's increasingly acrimonious battle to swallow VW is becoming that third option, and the brawl might threaten the short term plans of Porsche, VW and Audi. Porsche wants access to Audi engines and electronics, but VW, which owns more than 99-percent of Audi, won't allow it.
Porsche has de facto control of VW, with a 35.1-percent share. The so-called VW Law, which allows the government of Lower Saxony ultimate veto power even though it has only a 20-percent share, has been the broadsword that both VW and Germany have been using to keep Porsche at bay. The law has been struck down at least three times by the EU Commission and a German Court, only to have politicians figure out how to rewrite it without changing the substance of it.
VW's supervisory board recently declared it would need to approve any sharing between Porsche and Audi, and at the moment, Porsche can't overrule that decision. Ferdinand Piech, the head of VW, is in a battle with the Porsche family and Wendelin Wiedeking, the CEO of Porsche, over control, and neither is expected to budge. The risk is that since no one knows how this is all going to play out, a battle of egos and punitive reactions could interrupt development of and platform sharing between – and therefore the profits of – all three manufacturers' future products and technology.
autoblog.com
VW and Porsche can't get along, risk future tech and product plans.
In the land of mergers and acquisitions, there are takeovers, there are hostile takeovers, and then there are I'm Gonna Git You Sucka No Matter What takeovers. Porsche's increasingly acrimonious battle to swallow VW is becoming that third option, and the brawl might threaten the short term plans of Porsche, VW and Audi. Porsche wants access to Audi engines and electronics, but VW, which owns more than 99-percent of Audi, won't allow it.
Porsche has de facto control of VW, with a 35.1-percent share. The so-called VW Law, which allows the government of Lower Saxony ultimate veto power even though it has only a 20-percent share, has been the broadsword that both VW and Germany have been using to keep Porsche at bay. The law has been struck down at least three times by the EU Commission and a German Court, only to have politicians figure out how to rewrite it without changing the substance of it.
VW's supervisory board recently declared it would need to approve any sharing between Porsche and Audi, and at the moment, Porsche can't overrule that decision. Ferdinand Piech, the head of VW, is in a battle with the Porsche family and Wendelin Wiedeking, the CEO of Porsche, over control, and neither is expected to budge. The risk is that since no one knows how this is all going to play out, a battle of egos and punitive reactions could interrupt development of and platform sharing between – and therefore the profits of – all three manufacturers' future products and technology.
autoblog.com
Centurion
Apex Apex Predator
Re: Porsche wants Audi engines, VW says no.
Audi has a superb engine lineup and I suspect Porsche want to use one or two of the engines in the Panamera and Cayenne. It's much more cheaper than Porsche developing an array of engine just for two models. As far as the threat goes, Audi don't have anything that trumps the 911. We've already seen that the cheaper and less powerful 997 mkII is a better performer than the R8.
Audi has a superb engine lineup and I suspect Porsche want to use one or two of the engines in the Panamera and Cayenne. It's much more cheaper than Porsche developing an array of engine just for two models. As far as the threat goes, Audi don't have anything that trumps the 911. We've already seen that the cheaper and less powerful 997 mkII is a better performer than the R8.
Poverty
Oversteer Expert
Re: Porsche wants Audi engines, VW says no.
Its barely better than the R8, the R8 was better than the mk1. Remember though that the R8 has greater transmission losses than the 997 S therefore they have about the similiar power. The R8 is more special though and porsche have already said in not too many words that they dont like the R8 or want audi to make an R4.
Its barely better than the R8, the R8 was better than the mk1. Remember though that the R8 has greater transmission losses than the 997 S therefore they have about the similiar power. The R8 is more special though and porsche have already said in not too many words that they dont like the R8 or want audi to make an R4.
Mr Robert
Kraftwagen König
Re: Porsche wants Audi engines, VW says no.
If Porsche is going to be bad news for Audi it will be "good night" for Lamborghini...
If Porsche is going to be bad news for Audi it will be "good night" for Lamborghini...
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