Sachsen Classic 2009 successfully completed

Seven cabriolet, Volkswagen sent to the Sachsen Classic last weekend. Nearly 700 kilometers in three days behind the aged sweetheart. Without complaint and without any problem, they were rolling on 15 August to end in the Transparent Factory in Dresden.

Prince Alexander of Saxony contributed to the Karmann Ghia Convertible T14 a special feast for the eyes. Dr. Ulrich Hackenberg, board member for development of the Volkswagen brand, drove the race Iltis, 1980, the Paris-Dakar win. Professor Dr. Carl Horst Hahn, former CEO of Volkswagen, took part in the rally and drove a Volkswagen, Porsche 914th

After he successfully completed the third stage were found on Saturday evening, the participants together in the Transparent Factory to celebrate the conclusion of the rally and awards ceremony to. The title of overall winner of the won, Klaus and Karin Steffens Jensen CV8 in her. In the Class 6 (Year 1977 to 1989), Gunther and co-driver Martin Hube Frauenkron reached from the team in rally Volkswagen Golf II G60 in third place.

Nearly 180 teams were lined up for the seventh Sachsen Classic, and with few losses have successfully overcome any vehicle slightly past the 669 kilometers of track by Saxon and Czech countryside.

The open cars from Volkswagen enjoyed this special attention by the audience. After cleaning, refueling and resolving technical little things that coveted sun be prepared for the next few missions this summer. Heavyweight boxer Axel Schulz, who own a car as his own called, tentatively took a seat in a 1303 convertible and did not get any more, “plenty of sun and the enthusiasm of the audience – that makes a car so very special fun.

- Volkswagen (Google translated)

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At its extraordinary meeting today, the Supervisory Board of Volkswagen Aktiengesellschaft endorsed the creation of an integrated automotive group with Porsche under the leadership of Volkswagen. The Volkswagen Board of Management will now begin talks with the newly-nominated representatives of Porsche to jointly draw up a final concept to achieve this goal. At the same time, a comprehensive auditing and assessment process will be initiated as the prerequisite for signing an agreement on the principles relating to the combination of the two companies.

The integrated automotive group will be formed from the progressive participation of Volkswagen in Porsche AG and the subsequent merger of Porsche Automobil Holding SE and Volkswagen AG. Porsche will remain an independent company headquartered in Stuttgart. In the opinion of all parties, this basic concept represents the best possible solution for pooling the strengths of both companies as envisaged.

The agreement on the principles which is now to be negotiated will specify the further procedure and the individual transaction steps. In this context, the Supervisory Board expressly welcomes the inclusion of Qatar among Volkswagen’s shareholders as a strategic partner committed to supporting the goal of an integrated automotive group. The final concept for the envisaged union of Volkswagen and Porsche will preserve the Volkswagen Group’s financial solidity and sustain its ability to act as well as ensuring Porsche’s independence. Moreover, appropriate consideration will be given to the interests of all stakeholders when setting up the automotive group.

Volkswagen welcomes the intention of the Porsche and Piëch family shareholders to retain a close involvement in the further process and to remain the major active shareholder of Volkswagen going forward. The Supervisory Board of Porsche SE also approved the creation of the integrated automotive group at its meeting today, laying down important foundations to that end.

Prof. Dr. Martin Winterkorn, Chairman of the Board of Management of Volkswagen Aktiengesellschaft, commented: “The envisaged union of Volkswagen and Porsche follows a compelling industrial logic and offers promising perspectives: it makes two strong companies even stronger. Volkswagen and Porsche have excellent know-how at their disposal and can use their resources even more efficiently by combining them. For this reason, we expect additional growth opportunities, safeguarding existing jobs and creating new ones. At the same time, we can call on our considerable experience in the integration of proud and successful brands rich in tradition. Like Audi today, Porsche can also continue its independent development under the aegis of Volkswagen and preserve its own identity. We have great respect for the achievements of the Porsche workforce and are convinced that Porsche can enrich the Volkswagen Group – just as Volkswagen can vice versa enrich Porsche.”

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The Supervisory Board meetings of Volkswagen Aktiengesellschaft and Porsche Automobil Holding SE which took place in Stuttgart on Thursday cleared the way for an integrated automotive group combining Volkswagen and Porsche. The details of a final joint concept will be worked out over the coming weeks. Representatives of the Porsche and Piëch families, the State of Lower Saxony and the workforce of both companies have however already expressed their great satisfaction with the foundations that have now been laid.

The Chairman of the Supervisory Board of Volkswagen Aktiengesellschaft, Dr. Ferdinand K. Piëch, sees the integrated group clearly on course for success: “Together, Volkswagen and Porsche have all it takes to occupy a leading position in the international automotive industry.” Talking in Stuttgart, Dr. Wolfgang Porsche emphasized that today’s resolutions represented a landmark decision and a milestone achievement for the future, adding: “Porsche will preserve the myth and identity of the Porsche brand in the integrated group. That brings new prospects for growth.”

The labor representatives Bernd Osterloh, Chairman of the Group Works Council of Volkswagen, and Uwe Hück, Chairman of the Group Works Council of Porsche, were extremely positive in their assessment of the perspectives for the integrated group. According to Osterloh: “We are definitely heading in the right direction. Over the coming weeks, we must make sure the employees benefit from the new perspectives, too.” Hück commented: “Porsche will retain its independence in the integrated automotive group. Porsche must remain Porsche.”

The Prime Minister of Lower Saxony, Christian Wulff, underlined that the solution represented the best course for both companies: “This solution accommodates the interests of all concerned and safeguards the strength and performance of Germany’s automotive industry.”

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Wendelin Wiedeking arrived at Porsche’s factory near Stuttgart as a young engineer in 1983.

He leaves a quarter of a century later a much richer man – but with the manner of his departure casting a shadow over his otherwise hugely successful career.

To many observers, his attempt to gain control of Volkswagen (VW) was a mark of hubris, the action of a man who believed that he simply could do no wrong.

But others believe the reality is far more complex than that.

Engineering brain

When Mr Wiedeking became chief executive of Porsche in 1993, the company was struggling to survive as an independent carmaker. Under his guidance it recovered to become one of the most efficient manufacturers in the world.

His philosophy of “lean thinking” helped Porsche to reduce its costs dramatically, freeing up cash to invest in new models, including the controversial but successful sports utility vehicle, the Cayenne.

There’s no doubt that this helped to cement his reputation as one of the best engineering brains in the industry. Experts say that when it comes to the day-to-day running of a car company, he has few equals.

When Porsche made its move to take control of VW, it initially enhanced Mr Wiedeking’s reputation. The company embarked on a buying spree, acquiring 51% of VW’s shares, as well as options to take its stake to 75%.

It wasn’t the first time the company had dabbled in the financial markets. In fact, it had been trading in VW share options for several years – and making a tidy profit in the process.

But the audacity of the move took the markets by surprise – and left hedge funds which had been gambling on a fall in VW’s share price nursing huge losses. Mr Wiedeking was widely applauded for his chutzpah and business acumen.

Rival clans

Then of course, it all went horribly wrong.

The seizing up of credit markets made it impossible for Porsche to complete its takeover of VW, and left it struggling to cope with huge debts run up while buying VW stock.

Mr Wiedeking found himself fighting for Porsche’s survival – as bitter infighting broke out between the Porsche and Piech families, the rival clans which control the company.

But was he wholly responsible for Porsche’s problems? Perhaps not.

“Wiedeking is an executor. Full stop,” says Christoph Stuermer, an analyst with IHS Global Insight.

“He works to order on behalf of the family. But the grand plan isn’t his job. There are bigger egos at play here.”

One of those bigger egos is unquestionably Ferdinand Piech.

The chairman and former chief executive of Volkswagen, he is also a major shareholder in Porsche. And he has a reputation as a ruthless businessman.

His grandfather, Ferdinand Porsche, designed the original VW Beetle, as well as setting up the sportscar firm that bears his name.

Many experts believe Mr Piech was the original driving force behind efforts to bring the two companies together.

Such a move would safeguard the future of Porsche, giving it access to VW financial muscle. At the same time it would protect VW from the threat of being taken over by a foreign company.

“Piech knew that Porsche couldn’t survive on its own in the long term,” says Christoph Stuermer.

“He sent the company on a quest to find a bigger brother, and the most convenient option happened to be Volkswagen.”

Poor politician?

But while Mr Piech may have wanted to bring the two firms closer together, a takeover of VW by Porsche was apparently not what he had in mind.

Both privately and publicly, he began to criticise Mr Wiedeking, prompting an irate response from the Porsche chief executive.

Initially, Mr Wiedeking did retain powerful support from his chairman, Wolfgang Porsche. But ultimately, that may have done him more harm than good.

Mr Porsche is a cousin of Ferdinand Piech. But there is little love lost between the two cousins, or the clans they represent.

As Porsche’s troubles mounted, Mr Wiedeking became a pawn in a power struggle between the two families, which have very different visions for the carmaker’s future.

For Ferdinand Piech, the future lies in VW and Porsche becoming a fully integrated company, with VW dictating terms.

The Porsche clan wants the sports car maker to retain its independence as part of a much looser grouping. To make that vision possible, it’s seeking new investment from Qatar.

Now a compromise appears to be in sight. But it seems that Mr Wiedeking is paying a heavy price for upsetting Ferdinand Piech.

“Piech is a formidable opponent,” says Krish Bhaskar of the Motor Industry Research Unit. “There could only be one loser – and the loser is Wiedeking”.

For all his success at Porsche, Mr Wiedeking had one crucial weakness.

He was an accomplished engineer, but a poor politician. And that, say experts, goes a long way to explain his downfall.

- BBC NEWS

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A new tax problem is threatening prospects for Volkswagen to acquire sports carmaker Porsche. The continuing drama between Porsche and VW, the world’s second-largest automobile manufacturer, is starting to make German newspaper commentators squirm.

The struggle for power between Porsche and Volkswagen continues, despite an apparent breakthrough in negotiations late last week that suggested the two automakers would soon merge, with Wolfsburg-based VW assuming control of the Stuttgart-based company, and make the sports car-maker its 10th automobile brand.

Read the full article on Spiegel

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