Porsche Plans to Acquire Stake in VW
09-25-2005, 11:05 AM
#1
Junior Member
Thread Starter
Join Date: May 2003
Location: East Cast Rollin'
Posts: 1,673
Likes: 0
Received 0 Likes
on
0 Posts
Porsche Plans to Acquire Stake in VW
BERLIN - Luxury sports car maker Porsche AG said Sunday it plans to acquire a stake of about 20 percent in Volkswagen AG, a move aimed at strengthening ties between the automakers and preventing a future hostile takeover of Volkswagen.
Porsche said Volkswagen had become "a significant supplier for about 30 percent of our sales volume," as well as "an important partner in development."
The two companies worked together to develop Porsche's Cayenne sport utility vehicle and Volkswagen's Touareg. They recently announced that they, along with Audi AG, were forming an alliance to develop hybrid engines
"With this engagement, we want to secure our business relations with VW and also safeguard in the long term a significant part of our future planning," Porsche chief executive Wendelin Wiedeking said in a statement.
Stuttgart-based Porsche said it hoped the investment would enable it to head off any future hostile takeover of Volkswagen by investors "who do not have the long-term interests of VW as their aim."
Porsche said Volkswagen had become "a significant supplier for about 30 percent of our sales volume," as well as "an important partner in development."
The two companies worked together to develop Porsche's Cayenne sport utility vehicle and Volkswagen's Touareg. They recently announced that they, along with Audi AG, were forming an alliance to develop hybrid engines
"With this engagement, we want to secure our business relations with VW and also safeguard in the long term a significant part of our future planning," Porsche chief executive Wendelin Wiedeking said in a statement.
Stuttgart-based Porsche said it hoped the investment would enable it to head off any future hostile takeover of Volkswagen by investors "who do not have the long-term interests of VW as their aim."
09-29-2005, 11:00 PM
#5
Junior Member
Thread Starter
Join Date: May 2003
Location: East Cast Rollin'
Posts: 1,673
Likes: 0
Received 0 Likes
on
0 Posts
No..Not On 9/25/05 (Sun)..I Was On 9/28/05 (Wed)..I Did See A Silver B5-S4 Heading Philly Way
I was headed to Ocean City NJ - to spend the afternoon on the water - to make an attempt at fishing.
Thread
Thread Starter
Forum
Replies
Last Post
CBS4
A4 (B7 Platform) Discussion
2
09-27-2005 12:35 PM
CBS4
A8 / S8 (D3 Platform) Discussion
6
09-26-2005 04:18 PM
CBS4
Q7 MK 1 Discussion
1
09-25-2005 04:15 PM