Porsche accuses Volkswagen of 'extortion'
06-29-09, 09:03 PM
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Porsche accuses Volkswagen of 'extortion'
Originally Posted by autoblog
orsche maintains it still has its mojo, but Volkswagen is treating the company like Porsche's got lunch money and VW is hungry. VW -- which Porsche effectively owns -- loaned Porsche €700 million ($983.8 million) earlier this year, with Porsche due to pay it back in September. As collateral for the loan Porsche used its wholesale distribution arm Porsche Holding GmbH.
The way things are going for Porsche, it might not be able to make that September repayment. So VW and the state of Lower Saxony made an offer: Porsche has until the end of June to accept an offer by VW to pay €3 to €4 billion ($4.2 billion to $5.6 billion) for a 49% Porsche's car business. If Porsche doesn't accept, then VW will "insist" Porsche repay the full amount of the loan in September. If Porsche can't come up with the coin VW could walk away with Porsche Holding GmbH.
Porsche, plucky as ever, didn't want to hear about any of that, saying "Ultimatums do not belong in the 21st century.... We hope very much in the interest of the common goals that the authors of the ultimatum regain their calm..." The crew at VW quickly issued a response, with one spokesperson simply saying, "There is no ultimatum."
Porsche has plenty of time to sort things out, and its investment talks with Qatar, which would greatly help its debt situation, are said to "have entered the final stretch." Thanks for the tip, C. Halen
The way things are going for Porsche, it might not be able to make that September repayment. So VW and the state of Lower Saxony made an offer: Porsche has until the end of June to accept an offer by VW to pay €3 to €4 billion ($4.2 billion to $5.6 billion) for a 49% Porsche's car business. If Porsche doesn't accept, then VW will "insist" Porsche repay the full amount of the loan in September. If Porsche can't come up with the coin VW could walk away with Porsche Holding GmbH.
Porsche, plucky as ever, didn't want to hear about any of that, saying "Ultimatums do not belong in the 21st century.... We hope very much in the interest of the common goals that the authors of the ultimatum regain their calm..." The crew at VW quickly issued a response, with one spokesperson simply saying, "There is no ultimatum."
Porsche has plenty of time to sort things out, and its investment talks with Qatar, which would greatly help its debt situation, are said to "have entered the final stretch." Thanks for the tip, C. Halen
06-29-09, 09:10 PM
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This VW vs Porsche sitcom/day soap is getting worse as is these constant press releases. REminds me of the Acura V-8/Tier 1 unicorn press releases they finally stopped.
06-29-09, 09:16 PM
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lol @ "Ultimatums do not belong in the 21st century..."
You bet they do if the guy holding all your money gives you one.
You bet they do if the guy holding all your money gives you one.
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06-30-09, 11:53 AM
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why did you waste time writing this post then? Hey guess what? It seems you do care?
This is a CAR forum, we discuss ALL MANUFACTURES, I don't select articles that fffpower himself would want to see. Jesus.
06-30-09, 01:41 PM
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VW -- which Porsche effectively owns -- loaned Porsche €700 million ($983.8 million) earlier this year,
The way things are going for Porsche, it might not be able to make that September repayment. So VW and the state of Lower Saxony made an offer: Porsche has until the end of June to accept an offer by VW to pay €3 to €4 billion ($4.2 billion to $5.6 billion) for a 49% Porsche's car business. If Porsche doesn't accept, then VW will "insist" Porsche repay the full amount of the loan in September.
It's like your heart pumping blood throughout your body...the blood goes from arteries to veins, but remains within the same body.
06-30-09, 02:20 PM
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I'm not quite sure I see where one car company can make a "loan", requiring "repayment", to another firm it already owns.....or has a major stake in. It's like your heart pumping blood throughout your body...the blood goes from arteries to veins, but remains within the same body.
It's like your heart pumping blood throughout your body...the blood goes from arteries to veins, but remains within the same body.
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