Porsche to take control of VAG

[pb3vr6 at yahoo.com (Tonee Northam)]

I'd rather it looked like a porsche with a scirocco engine.

Nate Mellom <doubt@inwave.com> wrote:  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 /* 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
> 
>