The policy of site is fundamental in our strategyThe investigation should last several monthsIt should except surprise throw the spongeObjective to seven times better than average Swedish householdHow get out of the rutThere is no miracle solution5 million units since its launch in AprilIn theory the obstacles are not financialWe have achieved much more quickly than expectedAnd even live together I want to add nowThirty years later found bitter unhappyThe result of the vote fell in the evening. Porsche shareholders approved the capital increase of EUR 5 billion to get out of debt the manufacturer of the 911. This fresh money supply will be used in part to the payment of a credit of EUR 2.5 billion deadline which expires in June, as held in the State yesterday Hans Dieter Pötsch, Chief Financial Officer. The balance will be destined for the debt of the group, which still amounts to EUR 6.3 billion.
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This operation is above all a step in size in the process of Volkswagen and Porsche planned fusion. The Porsche and Piëch, families who control 90 of the voting rights in Porsche being holders of common shares, have long approved the capital measure. But with Porsche for half of the subscription on the good will of shareholders without right to vote, he was forced to for once to consult. But nothing said yesterday that their agreement would be automatic. There is, in this floating capital, many carriers, including institutional, who knew enough turmoil after the unsuccessful raid of Porsche on VW. Some went to justice and part of the Atlantic.
During the day yesterday, and the final counting of votes, in the evening, the holders of preferred shares appeared very divided. Formally, the two colleges of shareholders were to approve the operation to be 75 of these shares. In total, as has been approved in 88 of the vote.
Small disgruntled shareholders
Without surprise, many small shareholders have criticized the fact that they are asked their opinion today to cover the financial damage caused by the Group controlled by the Piëch and Porsche, families while their voices will be more available in the future. "We will come to a merge, and this can only happen if the capital increase is decided today", has for its part explained Franz Wagner, of the association for the defence of the SDK shareholders. The scenario of the merger would be always preferable to a "plan B" that would be for Volkswagen to 49.9 to 100 of the capital of the sous-holding of Porsche, which depends on the operating subsidiary of the automaker. This scenario would be possible between late 2012 and early 2015, and would be neutral tax as from 2014. In addition, it would eviscerate the holding company of head of Porsche of its substance.
Legal problems
In the morning, the President of Porsche SE and Volkswagen, Martin Winterkorn, had touted the merits of the merger between the two groups, which was to "strengthen their position advanced in the automotive world." The grumbling of the small shareholders is was still manifested after the proposal of a lean dividend of 10 cents per share. The constructor of Stuttgart course quickly gets a health, with a turnover of EUR 2 billion between August and October, or 80 over a year. Its profit jumped to EUR 155 million. And to caress the shareholders in the direction of the hair, Martin Winterkorn announced early in the week that Porsche would take the leadership in the Volkswagen Group for the design of luxury sports cars. A decision which should grind teeth in Audi brand "premium" of the Volkswagen empire.
If the operational merger of Porsche and VW takes off, legal and tax problems in course have surrounded the discussions. Hans Dieter Pötsch still listed them yesterday, reiterated that the time schedule for the merge, is current 2011 might not be respected.
