Porsche, up to their eyeballs in €9B debt, resulting from their Davidian grab for giant Volkswagen, scheduled an extraordinary supervisory board meeting for July 23, Automobilwoche [sub] reports. On the agenda: How do we get out of this mess?
Board members told Automobilwoche that they will discuss a possible investment by Qatar worth over €5B ($7B). More explosive: They will also decide whether 49 percent of Porsche will be sold to Volkswagen. It could be one or the other. Or both.
According to Bloomberg, the market value of Volkswagen stands at €68.7B. The stock exchange values Porsche at €7.4B. Paper assets clearly exceed hard liabilities.