Porsche does not want to pay

Porsche intends to increase its stake in the biggest European automakers - Volkswagen (VW) to 31%. After this sports car manufacturer will have to make an offer to buy back the remaining shares of a competitor. But Porsche is not going to spend billions of dollars to gain controlling interest in VW.

At an extraordinary meeting of the supervisory board of Porsche on Saturday, it was agreed that the sports car manufacturer, will use an option to buy 3.7% stake in VW, and will increase its share to 31%. Because the share will exceed 30%, Porsche will, in accordance with German law to make an offer to repurchase the remaining shares of VW. However, the manufacturer of sports cars, announced that the offer price will be the minimum possible. Ordinary shares will be redeemed at 100.92 euros ($ 135) per paper, but that on the basis of trades on Friday they were worth 117.7 euros ($ 157.45). Prices for preferred shares will determine control of the German stock market BaFin. But on his Porsche intends to select the lowest possible value, notified the company. After all, buying just 1% stake in VW would cost her about $ 560 million

This low price offer stems from the unwillingness to acquire a controlling stake in VW, said a spokesman for Porsche Cristiano Dow. Another company representative said that Porsche will sell the shares, which will, if someone will take advantage of an offer. However, Dow did not deny the probability of further increase in the share capital of the VW, saying that his company is considering all possibilities.

Decision Porsche was warmly received in VW. “The stable shareholding structure is very important for long-term development of the automotive business - said VW CEO Martin Uinterkorn. - VW Group and its eight brands have a high potential. I’m sure that Porsche, like any other shareholder, makes a good investment, buying shares VW “.

” Having bought the stake in VW, Porsche has become another company - say Porsche CEO Wendelin Wiedeking in the past year. - We left the warm comfort zone. Without a doubt, there is a risk. ” And in early March, he warned that Porsche is not going to absorb VW.

If the sports car manufacturer still dare to swallow VW, then his strategy will be radically different from other German car manufacturers. BMW and DaimlerChrysler have already realized how difficult it is to profit from the mass market in the face of competition from Asian manufacturers. That is why BMW went to the fact that they buried a brand Rover, which spent the 90-ies. about $ 6 billion, a DaimlerChrysler is now seeking a buyer for its loss-making unit Chrysler.

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25 March 2007 | action, automaker, europe, porsche, producer, share, sports car, volkswagen, vw

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