Not only did Ferdinand Piech resign this AM, but now:
_____________________
Porsche Supervisory Board gives Go-ahead for Majority Stake in VW
Stuttgart. The Supervisory Board of Porsche Automobil Holding SE,
Stuttgart, has given the go-ahead for an increase of the stake in
Volkswagen AG to more than 50 per cent. At its extraordinary meeting held
on Monday, the Supervisory Board authorized the Managing Board to initiate
all steps needed under regulatory and antitrust laws throughout the world.
The reviews by the regulatory authorities are expected to take several
months. As soon as the requisite clearances have been obtained, Porsche SE
can acquire the majority of the shares in Volkswagen. Dr. Wendelin
Wiedeking, Chief Executive Officer of Porsche SE, said: “Our aim is to
create one of the strongest and most innovative automobile alliances in the
world, which is able to measure up to the increased international
competition.”
He went on to say that as a result of this decision Volkswagen and Porsche
will in future “be able to write a new chapter in automobile history,
working together in a partnership based on fairness and collegiality.” At
staff briefing events to be held tomorrow, Tuesday, the Managing Board will
inform the Porsche workforce about the decision and the next steps.
As soon as a majority stake has been acquired, Volkswagen AG will – in
addition to Dr. Ing. h.c. F. Porsche AG – constitute a further sub-group of
Porsche Automobil Holding SE. As a result, employee representatives from
the Volkswagen Group will become members of the Supervisory Board of
Porsche Automobil Holding SE. Together with the representatives of Dr. Ing.
h.c. F. Porsche AG, they will constitute the employee grouping within the
12-member Supervisory Board of the holding company.
At the same time, employee representatives elected by the European
employees of Volkswagen will become members of the SE Works Council. As a
result of the difference in the numbers of persons employed by both
sub-groups, the SE Works Council will then be dominated by employee
representatives of Volkswagen AG.
“Our aspiration to become the majority shareholder of Volkswagen is good
news for the employees of the Volkswagen Group and of Porsche. The decision
of the Supervisory Board secures the long-term future of both companies,”
said the Chief Executive Officer. It is not planned to merge the two
companies.
Based on the current stock exchange price of approximately 150 Euro per
ordinary share, the acquisition of a further 20 per cent in VW corresponds
to an investment of almost ten billion Euro.
**************
It's Tax Time! Get tips, forms, and advice on AOL Money &
Finance.
(http://money.aol.com/tax?NCID=aolprf00030000000001)
_______________________________________
http://www.okiebenz.com
For new parts see official list sponsor: http://www.buymbparts.com/
For used parts email [EMAIL PROTECTED]
To Unsubscribe or change delivery options go to:
http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
