The European Commission Approved The Acquisition Porsche Volkswagen Group

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The European Commission Approved The Acquisition Porsche Volkswagen Group

Posted Friday, Jul 25, 2008 by fourgber

The European Commission on July 23 formally make a decision, approved by the German Porsche Automotive Holdings Corporation acquired the German Volkswagen Group.

Porsche

Porsche 911

Earlier, Porsche holding about 31% percent of the general public with the right to vote the shares, Volkswagen is the largest shareholder. June 8, Porsche ushered in the 60 anniversary. According to media reports, Porsche said in commemoration of this year, will spend 150 billion U.S. dollars in its Volkswagen stake from the previous 31% percent to 50% percent or more, in order to fully owned Volkswagen.

Porsche CEO Wendelin Wiedeking has said the deal aimed at the public challenge Toyota. He said: 'Our aim is to build the world's most powerful of the most innovative car Union.'

Volkswagen

Porsche and Volkswagen's long-standing sources, Volkswagen's first-generation leaders is the founder Ferdinand Porsche Porsche, the two sides not only have deep blood ties and business links are very frequent. Last year in October, the German public in order to avoid hostile takeover was enacted restrictions on the acquisition of public shares, etc., ' the public company law, ' by the European Court of Justice ruled a violation of EU law. Once the law was abolished, the public will be competing to buy other companies, if the hostile takeover after the dismantling, Porsche also will lose this important strategic partner, so that their disadvantaged situation. In view of the relationship between the two honour coexistence, Porsche well-plan and ultimately to the outside world announced its intention to fully take over the Volkswagen.

Acquisition memorandum:

September 2005 Porsche invested more than 40 billion euros 27.4% percent stake in Volkswagen Group has become the largest shareholder of the Volkswagen

Porsche in March 2007 at below market price to buy 3.6% percent stake held by the Volkswagen shares reached 30.9%

June 2007 in order to avoid ' Volkswagen company law' this year, the company changed its name to Porsche Porsche Automobil Holding SE

October 2007, 'the Volkswagen company law' by the EU ruled invalid

March 2008 Porsche decided to spend 150 billion U.S. dollars overweight Volkswagen Group shares

June 2008, 'the Volkswagen company law' revised

June 2008 Porsche Volkswagen Group announced that it would share holdings to 50% percent or more

June 2008 Lower Saxony bought 500,000 additional shares the Volkswagen

Comments

by thefeesh on July 25, 2008, 9:31 am

Next you'll be asking whether it's good for the school run.
by sunn_haspast on July 25, 2008, 9:48 am

Is that like Californication?
by smaxzax on July 25, 2008, 10:01 am

It'll do worse than a Z06 due to reduced compression ratio (needed to prevent detonation).
by shelly on July 25, 2008, 10:13 am

If you can't take it, just drive something else, okay? I'm sure you won't be alone.
by sgtpeppers on July 25, 2008, 10:16 am

If you gotta ask... car isn't for you, eh?