Porsche has asked the European Union for permission to take over Volkswagen.
The EU has until July 2nd to decide.
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Porsche Asks the EU for Permission to Take Over VW
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This page contains a single entry from the blog posted on June 1, 2007 8:34 AM.
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Comments (10)
Only in the wonderful EU does a company have to ask the government for permission to do a normal business procedure. I can't wait until people have to file a request to the EU government just to go to the bathroom - of course they'll have crapped their pants weeks before a decision is made by the EU, but hey, anything to give the government more power!
Posted by Remy LeBeau | June 1, 2007 12:56 PM
Posted on June 1, 2007 12:56
Remy, what a ridiculous comment, all major buyouts, EU or US must be ratified. Anti-monopoly and all that. Seriously think a little.
Posted by Paul Lees | June 1, 2007 1:23 PM
Posted on June 1, 2007 13:23
So, the Porsche which was originally a suped up beetle is now taking over VW? Awesome :)
Posted by neosoul | June 1, 2007 1:58 PM
Posted on June 1, 2007 13:58
"Anti-monopoly and all that."
VW owns Porsche. Porsche wants to flip it and own VW. How the bloody hell does that make for a monopoly or potential monopoly? It's an internal affair of a company. If the video game division of Microsoft wanted to call the shots instead of the OS part, would that be the business of anyone outside the company? No.
Posted by Remy LeBeau | June 1, 2007 2:59 PM
Posted on June 1, 2007 14:59
VW does not own Porsche
Posted by Paul Lees | June 1, 2007 6:46 PM
Posted on June 1, 2007 18:46
just another statement that Porsche is still an independent company and is not owned by any one but Porsche. And since the icon car of both companies were designed by the same man this move really does make sense.
Posted by Ed Waters | June 2, 2007 3:29 PM
Posted on June 2, 2007 15:29
It mean that Audi will be owned by Porsche. Not only Audi but Bentley, Bugatti, Lamborghini, SEAT, Škoda, are all part of the WV group (See wikipedia).
Isn't it too big for Porsche? I mean, to competitvely manage Seat and Skoda, along with Bentley and Lambo, looks like one hell of a job, to many different cars and different markets for a brand who basically just recently build a car that was not a sports car (Cayenne, which is still a sport car of sorts). I mean, I think WV has factories in Brazil, India, Mexico that still produces the Beatle and/or the WV Bus/Kombi. If they have that kind of money, I think Porsche should be better off buying BMW or Mercedes (but those two looks as valueble or more as Porsche itself), perhaps then only strip Audi, Bugatti and Lamborghini from WV.
To me, this will not work.
Posted by Sphere | June 5, 2007 12:38 PM
Posted on June 5, 2007 12:38
Update, nothing to see here, just hype:
As intended, Porsche has failed to entirely take over Volkswagen.
The sports car maker was legally obliged to make an offer for VW after its stake in the company exceeded 30 per cent in March 2007.
Porsche deliberately made a low offer for VW shares, and as a result gained less than a thousandth of the company's capital.
Porsche's voting stock now stands at 30.97 per cent of VW, meaning that it still has majority control of the Wolfsburg-based car maker.
http://www.autocar.co.uk/News/NewsArticle.aspx?AR=225924
Posted by Sphere | June 5, 2007 2:56 PM
Posted on June 5, 2007 14:56
i have a vw. i hope porsche buy it because i am thinking of gettin a new vw in the next 3 years
Posted by MoMo | November 11, 2007 12:47 PM
Posted on November 11, 2007 12:47
i have a vw. i hope porsche buy it because i am thinking of gettin a new vw in the next 3 years
Posted by MoMo | November 11, 2007 12:48 PM
Posted on November 11, 2007 12:48