Porsche to take control of VAG

[doubt at inwave.com (Nate Mellom)]

Nope, it'll look like a smushed Nissan Murano with a Porsche engine.


Tonee Northam wrote:
> Does that mean the new scirocco won't look like a smushed nissan murano?
> 
> */Nate Mellom <doubt@inwave.com>/* wrote:
> 
>     Good/bad for VAG?
>     We'll see!
> 
> 
>     Porsche is ready to take control of Volkswagen following a ruling in
>     the
>     European Union's top court yesterday that will scrap a German law
>     protecting VW from takeovers.
> 
>     The advocate general at the European Court of Justice ruled that the
>     so-called "Volkswagen Law" prevented the free flow of capital.
> 
>     The law was established in the 1960s to prevent foreign takeover of VW,
>     and to safeguard German jobs.
> 
>     It allowed the German state of Lower Saxony, in which VW is based, and
>     which owns a 20.8 per cent stake in the company, to safeguard VW and
>     have a say in its business.
> 
>     Porsche, under the guidance of chief executive Wendelin Wiedeking and
>     major shareholder Ferdinand Piech, has steadily been building its share
>     of VW.
> 
>     Currently it owns 27.4 per cent, and it has plans to buy 29.9 per cent.
>     However, as the law stood, even though Porsche owned almost a third of
>     VW, it could not exercise any more than 20 per cent of the voting
>     rights.
> 
>     Wiedeking has been vocal in his criticism of VW's protected status. Now
>     it seems certain that Porsche will be able to take both the
>     chairmanship
>     of VW's board and also a controlling interest on its supervisory board.
> 
>     Though Porsche is a far smaller car maker than VW in terms of
>     volume, it
>     has profits only slightly lower than VW's.
> 
>     The European Court of Justice's ruling is currently only an initial
>     finding, but it is a near-certainty to become law within the next six
>     months.
> 
>     _______________________________________________
>     Scirocco-l mailing list
>     Scirocco-l@scirocco.org
>     http://neubayern.net/mailman/listinfo/scirocco-l
> 
>