Volkswagen And Porsche Uniteder And Uniteder
November 10th, 2010 12:00 PM Share
With all the intrigue around the Porsche-takes-over-Volkswagen and Volkswagen-takes-over-Porsche, there are the expected ups and downs. Recently, there have been voices it might not happen. Reason given: The lawsuits. I believe, this is just propaganda to demoralize the opposition and to force them to settle. In the meantime, facts are being created. And here is another fact: Volkswagen officially acquired the auto trading business of the Porsche Holding in Salzburg, Austria. The company changes hands for €3.3b ($4.5b), a sign that this is not your ordinary car dealership.
According to a message from Volkswagen HQ, the family shareholders of Porsche Holding Gesellschaft mbH, Salzburg, “have resolved to exercise the put option to sell to Volkswagen the operating business of Porsche Holding Salzburg (PHS). The put option to this effect was exercised today.”PHS has been the exclusive importer of all things Volkswagen to Austria. PHS is Europe’s most successful private automobile trading company and has a particularly strong presence in Austria, Western Europe and South Eastern Europe as well as China. In the 2009/10 financial year (to March 31), unit sales of 421,000 new vehicles generated sales revenue of €12.2 billion. PHS employs some 20,300 people.According to the communiqué from Wolfsburg, “this decision by the Porsche and Piëch families is a clear commitment to implementing the integrated automotive group. The sale of the automobile trading company was already foreseen in the comprehensive agreement concluded last year.” So if anybody thinks the Porsche/Volkswagen merger won’t happen, think again.
Published November 10th, 2010 12:00 PM
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