By Bertel Schmitt
June 30, 2009
Porsche finally has a written offer from the Sheik of Qatar, if the Frankfurter Allgmeine’s sources are not mistaken. It sounds pretty official: “We have a written offer of the Qatar Investment Authority which details their engagement in the Porsche Holding SE and their purchase of our options for Volkswagen stock,” said a Porsche spokesperson to the FAZ. Currently, the both sides are in the bargaining phase: How much or how little will they pay?
Porsche owns 51 percent of Volkswagen—one of the reasons why they are sitting on a debt pile of more than €9 billion. They also hold options on more than 20 percent of the VW stock. With these options, the Sheik could buy more than a fifth of Volkswagen at highly discounted price. The FAZ says it could be half off. It’s also unclear how big a share of Porsche Qatar is seeking. According to Porsche’s stockholder agreement, it cannot be more than 30 percent. But agreements can be changed. As an owner of Volkswagen and Porsche, Qatar wants both companies to merge. How, is anybody’s guess.
That the bargaining session between Stuttgart and the Sheik are progressing is underscored by another bit of news. Automobilwoche [sub] just reported that Porsche withdrew their application for a government-sponsored loan by the KfW Bank. “We are in discussions about alternative financing” is the message from Porsche. “There is no causal connection” between the withdrawal and the Qatar offer. They were right.
A little later, Reuters reported that “KfW had rejected the loan application.” No government bailout for Porsche. At least not from the German government . . . .
Frankfurter Allgemeine »
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POWERED
June 30th, 2009 at 7:19 am
Markets speculated that VW shares would drop in price.Porshe bought lots of VW shares (subtley) as they reduced in price by leveraging their own finance, ending up with enough control of VW to launch a takeover bid.http://www.rvswholesale.net
This would increase the price of VW shares, so all the Hedge fund managers shat themselves and deserately started buying (the now very limited supply) of VW shares on the open market to cover their short postions.Porshes assets increased, their value increased, now the leveraging they initaily used is putting financial strain on them.
June 30th, 2009 at 8:16 am
Yeah, put a veil in the car…
June 30th, 2009 at 8:32 am
yeh, how the mighty keep falling
June 30th, 2009 at 8:53 am
That gal is as ugly as this whole VW/Porsche soap opera. Did you grab that pic off of some shemale site or something? That’s really bad.
June 30th, 2009 at 9:10 am
Markets speculated that VW shares would drop in price.Porshe bought lots of VW shares (subtley) as they reduced in price by leveraging their own finance, ending up with enough control of VW to launch a takeover bid.http://www.rvswholesale.net
This would increase the price of VW shares, so all the Hedge fund managers shat themselves and deserately started buying (the now very limited supply) of VW shares on the open market to cover their short postions.Porshes assets increased, their value increased, now the leveraging they initaily used is putting financial strain on them.
HUH!
You made my head hurt.
June 30th, 2009 at 10:13 am
Does it matter? This is kind of like watching a rerun of “Dukes of Hazzard” where you’ve got some kind of rivalry that was once about cars, but is now about power and control.
Now that I think about it, a two-door from either company or VW’s divisions, would look pretty damn sweet in the General Lee livery.
June 30th, 2009 at 10:33 am
superbadd – ? She is hot. I give her legs a 10.
June 30th, 2009 at 10:40 am
…complete with photoshopped shadow…
June 30th, 2009 at 11:24 am
Looks like my first wife. I wish I had the car instead…
June 30th, 2009 at 1:15 pm
…but the car costs more…doesn’t it?
June 30th, 2009 at 1:22 pm
Guess all them sheiks got supercars so how to up the stakes? Buy a supercar company!
June 30th, 2009 at 6:17 pm
She is definitely haram.