Volkswagen AG (VOW3), Europe’s largest carmaker, is closing in on a deal to purchase the remaining 50.1 percent stake in Porsche SE’s automotive business that it does not already own, people familiar with the matter said.
Approval from German tax authorities is one of the hurdles to an agreement, which VW and Porsche (PAH3) are still negotiating, the people said, declining to be identified discussing private talks. VW may announce the plan within the next two weeks, the people said. VW (VOW3) is considering setting up an umbrella company to purchase the stake, according to one of the people. Continue reading ‘Volkswagen Close to Deal for Porsche Stake’
Porsche SE has scheduled an extraordinary general meeting for mid-December as it presses on with preparations for a merger with Volkswagen, brushing aside any remaining hurdles.
“We are preparing everything necessary for the planned combination,” Porsche’s Chief Financial Officer Hans Dieter Poetsch said at the company’s annual shareholders’ meeting on Friday. Continue reading ‘Porsche SE schedules EGM to take vote on merger with VW’
Volkswagen AG’s planned merger with Porsche SE will probably be delayed into next year because of legal and financial obstacles. In manufacturing, the integration is already in full swing. Continue reading ‘VW merger with Porsche delayed by share probe’
Structural changes affect profit of Porsche SE
Porsche Automobil Holding SE, Stuttgart, can report a favorable operational trend of its holdings in the first half of the 2009/10 fiscal year ending 31 July 2010. The Porsche Zwischenholding GmbH group including mainly the Porsche AG recorded in the reporting period a double-digit return on sales with an operating profit of 329 million euro. Revenue increased by 3.7 percent in relation to the comparative period of the prior year to 3.16 billion euro. Unit sales fell 1.7 percent to 33,670 vehicles. The Volkswagen group has been included in the half-yearly financial report of the Porsche SE with the result for the period from 1 July 2009 to 31 December 2009. On this basis, the Volkswagen group sold 3,302,144 vehicles in the first half of the 2009/10 fiscal year. With revenue of 54.0 billion euro, the operating profit comes to 615 million euro. (continue reading…)
Porsche Automobil Holding SE, Stuttgart, reports a strong upward trend in the vehicle operations of its holding, Dr. Ing. h.c. F. Porsche AG, in the first half of the fiscal year of 2009/10 (31 July). After the unit sales of Porsche AG had fallen in the first four months by 25 percent on the same period of the prior year, the decline should be cut back to just minus 3.1 percent for the full six months, based on preliminary figures. Sales are expected to account for approx. 33,200 units, revenues will show a decrease of 3.3 percent to Euro 2.9 billion. CEO, Prof. Dr. Martin Winterkorn, reported this to the annual general meeting of Porsche SE, held on Friday in the Porsche-Arena in Stuttgart. (continue reading…)
