Porsche SE raised 4.9 billion euros ($7.1 billion) in a rights offering, boosting the sports-car maker’s chances of completing a merger with Volkswagen AG. (VOW)
A total of 99.7 percent of the available preferred shares were bought in the rights offering, with the remainder sold on the open market, the Stuttgart, Germany-based company said today in an e-mailed statement. The Porsche and Piech families, who control the common stock, also participated. Continue reading ‘Porsche Sells $7.1 Billion in Rights Offering’
Porsche SE, the sports-car maker that plans to merge with Volkswagen AG (VOW), has had a very high acceptance rate for its 5 billion-euro ($7.3 billion) rights offering, a person familiar with the matter said.
Stuttgart, Germany-based Porsche is still tabulating the final results of the sale to existing shareholders that ended at midnight, the person said, declining to be identified because the information isn’t public yet. The company hasn’t extended the offer period, the person said. Continue reading ‘Porsche Said to Gain High Acceptance Rate in Rights Offering’
The Board of Management of Volkswagen AG officially welcomed Porsche Holding Salzburg as part of the Volkswagen Group today. The sales company has belonged to the Volkswagen Group since March 1st 2011. “We are very happy that the Porsche Holding Salzburg has become a strong and fully-fledged member of the Volkswagen Group family,” said Prof. Dr. Martin Winterkorn, Chairman of the Board of Management of Volkswagen Aktiengesellschaft. “Porsche Holding Salzburg will remain what it has always been: One of the most successful and profitable retail firms in the automotive world – and one of the most important and high-performance companies in Austria. We will go forward in exactly the same way and increase sales continuously.” Continue reading ‘Volkswagen Group sees further growth potential for Porsche Holding Salzburg’
Volkswagen has acquired the operating business of Porsche Holding Salzburg (PHS) in accordance with previous announcements. The transfer of the automobile trading company takes place at a value of €3.3 billion on March 1, 2011. The registered office and corporate headquarters will remain in Salzburg. Continue reading ‘Volkswagen acquires automobile trading business of Porsche Holding Salzburg’
Volkswagen Aktiengesellschaft preferred shares will replace the Company’s ordinary shares in the DAX stock index effective December 23, 2009. This was decided today (Friday) by Deutsche Börse due to the changed shareholder structure for ordinary shares. The decision followed the announcement by Qatar Holding that it had increased its holding in Volkswagen ordinary shares from 6.8 to 17 percent. As a result, the free float for this share class declined to less than ten percent. Pursuant to the guidelines of Deutsche Börse, this means that Volkswagen ordinary shares drop out of the DAX. Continue reading ‘Volkswagen preferred shares replace ordinary shares in DAX’
