Porsche Moves On VW Stock, Management
According to the Economic Times, Porsche Holdings SE has purchased “a small parcel of Volkswagen shares off-market, ‘significantly under the current market price.” How small? The deal has increased Porsche’s stake in VW has by a “low single-figure” percentage, according to Porsche spokesman Albrecht Bamler. The deal was but the first salvo in Porsche’s final assault, as the Suddeutsche Zeitung (via Bloomberg) reports that Porsche Holdings will have bought a majority stake in Volkswagen by November 26. But wait, there’s more! Once Porsche buys the final 15 percent or so shares it needs to own VW, expect swift changes in the way Europe’s largest automaker does business. Automotive News Europe [sub] reports that Porsche CFO Holger Haerter has already spilled the beans to Handelsblatt. “I am working right now on a joint paper on the future management model together with my finance colleague at VW. We will be discussing this with the VW and Porsche board of directors,” says Haerter. But Haerter’s leak privileges only extend to news that won’t completely piss off his new minions. Accordingly, he only mentions that VW managers will sit on the management board of Porsche Holdings, a body currently manned only by Porsche CEO Wendelin Wiedeking and Haerter himself. Still no word on how Wiedeking and Haerter plan on eviscerating the Piech/Union/Niedersachsen Provincial Government faction at VW.
porsche's acquisition of vw is looking very smart, now that the financial crisis is worldwide and expected to remain so for quite some time. they're gonna need lots of less-expensive product in the market than their current crop of cars, just to keep their bottom line in the black.
I have to wonder how this will affect Audi. It's a safe bet that Porsche will never let them do something like a Q5-RS.