Observer7
27th March 2007, 11:16
Last year, Porsche AG started to buy VW stock, taking initially a share of 18%, increasing it by and by up to slighly more than 29%.
Last saturday, March 24, Porsche announced the acquisition of another package of 3,7%, which brings their share in VW stock to about 31%. 30% is the threshold by which German law requires a takeover bid to all other stock holders. Porsche will make such offer, but at a prices so low that few will take the bid.
Also last year, truck builder MAN bought stock of Swedish truck company Scania, and tried a full take-over, but did not succeed. VW already held a big stake in Scania, being able to control it together with the Wallenberg family, the most powerful of Swedish capitalists.
VW proposed a peaceful merger of Scania and MAN, took a share of initially 15% of MAN and is now with about 29% of MAN's shares the largest shareholder. They increased also their share of Scania, and holds now together with MAN about 51% of Scania stock.
Ferdinand Piëch will be elected to chairperson of MAN supervisory council (Aufsichtsrat), Piëch is grandson of the original constructor of the VW Beetle, son of the Wolfsburg plant manager during the war, one of the most influential members of the Porsche family controlling Porsche AG and the Salzburg based largest VW dealership in Europe; he was CEO of VW for 10 years from 1993 to 2002, and is since then chairperson of VW Aufsichtsrat.
It is to be expected that Porsche/VW will bring together MAN, Scania, and the "Constellation" heavy truck operation of VW in Brasil into one company, which would be the number four on the truck world market.
Porsche plans to form a holding which will hold both the shares of Porsche and those of VW.
Porsche and VW -- a family affair.
O7
Last saturday, March 24, Porsche announced the acquisition of another package of 3,7%, which brings their share in VW stock to about 31%. 30% is the threshold by which German law requires a takeover bid to all other stock holders. Porsche will make such offer, but at a prices so low that few will take the bid.
Also last year, truck builder MAN bought stock of Swedish truck company Scania, and tried a full take-over, but did not succeed. VW already held a big stake in Scania, being able to control it together with the Wallenberg family, the most powerful of Swedish capitalists.
VW proposed a peaceful merger of Scania and MAN, took a share of initially 15% of MAN and is now with about 29% of MAN's shares the largest shareholder. They increased also their share of Scania, and holds now together with MAN about 51% of Scania stock.
Ferdinand Piëch will be elected to chairperson of MAN supervisory council (Aufsichtsrat), Piëch is grandson of the original constructor of the VW Beetle, son of the Wolfsburg plant manager during the war, one of the most influential members of the Porsche family controlling Porsche AG and the Salzburg based largest VW dealership in Europe; he was CEO of VW for 10 years from 1993 to 2002, and is since then chairperson of VW Aufsichtsrat.
It is to be expected that Porsche/VW will bring together MAN, Scania, and the "Constellation" heavy truck operation of VW in Brasil into one company, which would be the number four on the truck world market.
Porsche plans to form a holding which will hold both the shares of Porsche and those of VW.
Porsche and VW -- a family affair.
O7