When Ferdinand Piech took charge of Volkswagen AG (VOW) 20 years ago, the carmaker was losing almost 1 billion euros ($1.24 billion) with its sales tied to the fortunes of the European economy.
Yesterday, the 75-year-old VW chairman capped a spurt of dealmaking with a 4.46-billion euro agreement to buy the rest of Porsche SE’s automaking business, a transaction that will extend the German company’s lead as the world’s most profitable automaker. VW generated a record 11.3 billion euros in operating profit in 2011. Read more
Ordinary shareholders will not participate in dividend distribution for the benefit of the preference shareholders / dividend of 50 Eurocent per preference share intended / preference shareholders no longer pursue special audit
Stuttgart, 5 May 2011. The ordinary shareholders of Porsche Automobil Holding SE, Stuttgart, have declared vis-à-vis the company that they will not participate in the dividend distribution for the rump fiscal year 2010 and that the dividend shall be paid out exclusively to the holders of the preference shares. In coordination with the consortium banks of the syndicated loan, up to 80 million EUR may be distributed as a dividend for the rump fiscal year 2010. A dividend of 50 Eurocent per preference share is intended. By this step, the ordinary shareholders (including the families Porsche and Piëch) on the one hand intend to honor the continued support of the holders of the preference shares, with a view to the capital increase implemented in April 2011 and the low dividend for the two past fiscal years. Read more
Contract signing seals the deal
Stuttgart. This Friday, in a festive ceremony, Porsche Automobil Holding SE, Stuttgart, and Qatar Holding LLC (QH) signed an agreement signaling the entry of the Emirate of Qatar into the Porsche SE family. In the afternoon, the Chairman of the Supervisory Board of Porsche SE, Dr. Wolfgang Porsche, welcomed the high-ranking delegation from Qatar led by Prime Minister of the Emirate, Sheik Hamad ibn Jassim ibn Jabir Al-Thani, to the historical Porsche Villa located on Killesberg Hill outside of Stuttgart. There, in the presence of the Minister President of Baden-Württemberg, Günther Oettinger, the two men signed two contractual agreements.
By CARTER DOUGHERTY
Published: June 19, 2009 NY Times
FRANKFURT — When Wolfgang Porsche learned that his family’s sports car company would need an emergency cash infusion from its giant rival Volkswagen, he “went absolutely white.”
“It was as though he’d heard someone died,” said one person briefed on the secret meeting between executives of the two companies.
The meeting, at the offices of the governor of Lower Saxony state, where Volkswagen is based, effectively ended the company’s audacious bid for Europe’s largest automaker. It also was the beginning of the end of Porsche’s cherished independence.