Gran Turismo Making its Debut with V8 Power Units – Market Launch Starting on 12 September
Stuttgart. Dr. Ing. h.c. F. Porsche AG, Stuttgart, is for the first time presenting the innovative interior concept of the company’s fourth model series.
Right from the start upon the introduction of the Panamera beginning in Germany on 12 September 2009, the Panamera will be available in its top versions with a V8 power unit and luxurious features.
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Stuttgart. This Wednesday at the headquarters of Dr. Ing. h.c. F. Porsche AG in Stuttgart-Zuffenhausen the new Porsche-Museum was officially declared open. On the occasion of the ceremonial act in the spectacular new building on the Porscheplatz Dr. Wendelin Wiedeking, Chairman of the Board of Porsche AG, welcomed State Parliament President Peter Straub, the Prime Minister of Baden- Württemberg Günther Oettinger, Interior Minister Heribert Rech, the Lord Mayor of Stuttgart Dr. Wolfgang Schuster, members of the Porsche and Piëch families as well as a further 200 invited guests. On Saturday 31st January the museum will for the first time be opened to the public.
In his speech Wiedeking emphasized the particular significance of the Porsche- Museum on the site of the headquarters of the Company: “This is our new business card on the Porscheplatz. At this meeting point, we welcome our international customers as well as numerous people from all over the world who themselves may not drive a Porsche but are nonetheless fascinated by our sportscars. While the bold architecture of the building reflects the individuality, self-confidence, and orientation towards the future of Porsche itself, the exhibition with the turn-key sportscars from the Museum on Wheels, which are always ready to spring into action, breathes plenty of life into the Company’s history.” The head of the Board also announced: “We will not only use the museum as an exhibition, but also as a communication platform – as a permanent, integral part of the ongoing dialogue which Porsche conducts with the public.”
Acquisition of Further Volkswagen Shares Completed
Stuttgart. Porsche Automobil Holding SE, Stuttgart, acquired a further 4.89 per cent of the Volkswagen ordinary shares on Tuesday, 16 September. As a result, the total stake in the Wolfsburg-based car manufacturer now amounts to 35.14 per cent of the voting rights. This step ensures that Porsche has a lasting majority at the VW annual general meeting. Dr. Wendelin Wiedeking, Chief Executive Officer of Porsche, said: “Our goal continues to be to increase our stake in Volkswagen to more than 50 per cent. Today’s step is a further milestone along this road.” He added: “We look forward to continuing and intensifying our cooperation with the Managing Board of Volkswagen, which is based on a spirit of mutual trust, and are hoping for a quick resolution of the conflict between the employee representatives of Porsche and VW.”
By going above 35 per cent of the voting rights, Porsche will acquire de facto control of the Wolfsburg-based group. As a result, employee representatives of Volkswagen will now take seats in the Works Council of Porsche SE and the Supervisory Board of Porsche SE. The Works Council of Porsche SE will be informed about the increase of the stake and will be asked to reconstitute itself. Dr. Wiedeking was confident that the cooperation between the employee representatives of Porsche and Volkswagen in both bodies – Works Council and Supervisory Board – would help them develop a better understanding of each other’s positions and would lead to a constructive and forward-looking co-existence.
As a result of the new shareholder structure, Porsche is required by law to submit a formal mandatory offer for the VW subsidiary Audi AG, Ingolstadt. The relevant offer documents must be filed with the German Federal Agency for Financial Services Supervision (BaFin) within the next four weeks and, once cleared, can be found on the website of Porsche SE at http://www.Porsche-SE.com. This formality is a statutory requirement and has no effect whatsoever on the intentions of Porsche. Dr. Wiedeking commented: “We regard Audi as an integral part of the Volkswagen group and have no interest in removing the company from the group structure.“
In light of this, Porsche will only offer the minimum price prescribed by law for the shares, which is expected to be about 487 Euro per Audi share. Volkswagen has stated that it will not be accepting the offer for its 99.14 per cent of the Audi shares. In practice, therefore, the mandatory offer only relates to a freefloat of 0.86 per cent, representing approximately 370,000 Audi shares. Based on last Monday’s closing price, these are valued at approximately 170 million Euro. Porsche does not intend to acquire Audi shares outside the mandatory offer.
On 3 March 2008 the Supervisory Board of Porsche SE had given the go-ahead for an increase of the VW stake to more than 50 per cent. All steps needed under regulatory and antitrust laws in order to acquire a majority stake in Volkswagen were then initiated. Following discussions with the EU Commission, Porsche extended its filing with the European antitrust authorities to cover agreements for the acquisition of 4.89 per cent of the VW ordinary shares, delivery of which took place today. Porsche expects the antitrust and regulatory proceedings that are still pending to be completed in the coming weeks. The further increase of the stake in Volkswagen is expected to take place in the next months.
(source Porsche SE)