A História que nunca mais acaba......

[MRS]

VW said to be close to deal on acquiring remaining Porsche stake

February 27, 2012 12:49 CET




BERLIN/FRANKFURT – Volkswagen 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 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 added.
The automaker is considering setting up an umbrella company to purchase the stake, according to one of the people.
VW has considered alternatives to a 2009 agreement, which called for a full merger by the end of 2011, after lawsuits against Porsche in the United States and Germany complicated the company's valuation.
The plan currently under consideration would allow VW to fully integrate Porsche's carmaking business, of which it already owns 49.9 percent, while leaving the listed Porsche holding company to take legal responsibility for the outcome of the suits.
VW's supervisory board is meeting Monday and will discuss the deal, one of the people said. An announcement of the agreement is not expected on Monday, the person added.
"VW is working on creating an integrated automobile company with Porsche under commercially sensible conditions and as quickly as possible," said Marco Dalan, a spokesman for VW, declining further comment. Wolfgang Glabus, a Porsche spokesman in Stuttgart, said the company is continuing to work toward an agreement.
Exercising options
VW's main alternative to the original merger agreement has been to exercise options to acquire the remaining 50.1 percent stake in Porsche's automaking business for 3.9 billion euros ($5.2 billion), leaving Porsche as the holding company for the 50.7 percent of Volkswagen's common stock that it owns.
VW cannot exercise the options until Nov. 15, 2012, when they would trigger a tax bill of an estimated 1 billion euros, overwhelming potential savings from the deal. The taxes would shrink to zero if the carmaker waits until the second half of 2014 before exercising the options, the company has said.
But VW will avoid having to pay the huge tax bill if it completes the purchase before 2014 by setting up the holding company to temporarily take control of the stake, German magazine Der Spiegel reported last month, citing unidentified VW managers.
Volkswagen has said that the combination with Porsche will boost profitability and save 700 million euros.
Legal wrangles

The two companies had worked on a full-blown merger since 2009, when Porsche failed in a hostile attempt to take over VW, the sports-car maker's biggest supplier. Porsche racked up more than 10 billion euros of debt as it purchased the majority of VW's common shares.
Short sellers of VW stock sued Porsche in the United States, claiming it secretly piled up VW shares and later caused the investors to lose more than $1 billion. Claimants in Germany have also sought damages, while prosecutors in Stuttgart, where Porsche is based, are investigating suspicions that the sports car maker didn't adequately inform investors about its plan to take control of VW. Porsche has repeatedly denied all allegations of wrongdoing.
Source: Bloomberg

[bg2]

finalmente arranjaram maneira de contornar o problema...

[zico]

Tópico Aberto originalmente por bg2

finalmente arranjaram maneira de contornar o problema...

Chama-lhe problema, chama-lhe...problema são as nossas contas à ordem. Isso é que são problemas

[bg2]

Tópico Aberto originalmente por zico

Chama-lhe problema, chama-lhe...problema são as nossas contas à ordem. Isso é que são problemas

[MRS]

Porsche to appeal court ruling over Piech's duty violation

March 5, 2012 06:49 CET



BERLIN -- Porsche SE said it will appeal a Feb. 29 court ruling that said Ferdinand Piech violated his duties as a member of the carmaker's supervisory board during its failed takeover bid for Volkswagen in 2009.

In a statement on Sunday, that cited Piech directly, the supervisory board member said the Stuttgart Higher Regional Court's ruling did not accurately assess the context in which he made statements to reporters at an event in 2009.
Porsche said it will appeal to the German Federal Supreme Court.
The court in Stuttgart decided Piech, also chairman of VW, was wrong to tell reporters at an event in Sardinia that he was unaware of the extent of the option risks that the carmaker had built up in bidding for control over VW and that he was wrong not to seek clarity about it.
The case represents one of a number of disputes stemming from the failed Volkswagen takeover in 2009, which included Porsche's use of options to build its stake.
Porsche racked up more than 10 billion euros ($13.5 billion) of debt in the process.
The court's decision was part of a ruling voiding votes by Porsche shareholders that discharged Piech and the rest of the supervisory board from responsibility for the financial year ending in 2009, the court said in a statement.
"I can't -- even after examining the OLG Court in Stuttgart's ruling -- see how I violated my duties," Piech said in the statement Sunday. The ruling "in my opinion doesn't assess the situation accurately," he said.
The court ruled Piech's words could also have been understood as a critical comment, as part of the controversy within the company at the time, arguing that the risk from the options was incalculable. Such a statement is also improper because it would endanger Porsche's creditworthiness, the court said.
Piech said in the statement that his "core position" at the time of the comments to reporters was that the takeover "concept followed by the then-executive board was no longer the right one for the future." For that reason, "the options -- and the risks that go with them in the nature of things -- shouldn't have been maintained any longer," he said.
Source: Bloomberg


Read more: http://www.autonews.com/article/2012...#ixzz1oFyWoYZ1

[Ace]

A continuar assim, em vez do "Never ending story" vamos acabar por assistir ao "Brutti, sporchi e cattivi"

[bg2]

eu ando para escrever um texto que ajude a clarificar um pouco desta confusão

mas não tenho tido tempo

[MRS]

O Ministério Público de Estugarda acusou Wnedelin Wiedeking e o ex-reponsável financeiro da empresa, Holger Haerter, de manipulação de mercado aquando da tentativa de aquisição da Volkswagen.
Wnedelin Wiedeking, antigo CEO da Porsche e Holger Haerter, ex-responsável financeiro da empresa foram formalmente acusados de manipulação de mercado pelo Ministério Público de Estugarda. A informação foi divulgada pelos advogados dos arguidos, segundo a agência Bloomberg.

O caso remonta a 2008 quando a Porsche anunciou que tinha adquirido uma participação maioritária no capital da Volkswagen. A posição teria sido constituída com recurso a derivados de acções da maior fabricante automóvel alemã, numa altura em que a construtora de carros desportivos negou estar interessada em adquirir o controlo da Volkswagen. A operação de compra falhou.

Acções judiciais foram movidas na Alemanha e nos EUA, nomeadamente por fundos de “cobertura de risco” que alegaram ter sido prejudicados pela Porsche.
Em Fevereiro de 2011 foi desencadeada uma investigação sobre as alegadas manipulações dos preços das acções por parte dos dois antigos administradores da Porsche. A diligência das autoridades alemãs acabou por adiar a conclusão do processo de fusão entre as duas companhias alemãs.

Já no Verão de 2012 foi conseguido um acordo para a compra de uma posição maioritária do capital da fabricante de carros desportivos pela Volkswagen.