Porsche SE investors approved plans for a 5 billion euro stock sale

Article by Christian Andrei, on December 1, 2010

Investors say that Porsche AG succeeded in convincing preferred shareholders to back a EUR5 billion ($6.9 billion) stock sale since the deal may offer the chance to buy into Volkswagen AG at a discount. Porsche adds that the projected share sale is a "key precondition" for the VW merger by helping Porsche to reduce debt.

CFO Hans Dieter Poetsch says that Porsche seeks to complete the capital increase by May 30, 2011.

The deadline would be extended until Aug. 30, 2011 if U.S. lawsuits against Porsche result in a delay. Porsche's shareholders are voting at an extraordinary meeting on whether to approve raising the funds, half of which are derived from the Piech and Porsche families, who control the common shares.

The plan needs the approval of 75 percent of both common and preferred shareholders present at the meeting in order to pass. The Stuttgart, Germany-based company is in the process of merging with Volkswagen AG.

Porsche's preferred shares increased by 28 percent in 2010, while Volkswagen's preferred stock has surged 90 percent. Poetsch says that Porsche's liabilities will be considerably reduced through the capital increase. [via autonews - sub. required]

Topics: porsche, investment

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Nikola Motor’s hydrogen-powered semi-trailer truck is highly appealing with its many advancements but don’t expect it to arrive in the near future. In November 2016, Toyota announced the possibility of...
by - December 5, 2016
Usually, it is up to resourceful spy photographers to take clear pictures of vehicle prototypes, especially those that have aroused a lot of interest. The same is true for Project...
by - December 5, 2016
The much-anticipated debut of the new Wrangler will surely happen. As it approaches, we’ve gathered all the latest information released so far. Of course, most are expecting that the next...
by - December 5, 2016
Nissan has announced the pricing for its new commercial pickup line. So for those who have been waiting for Nissan’s official price list (plus a little more info), read on… ...
by - December 5, 2016
Sorry folks, the AMG-fied Mercedes-Benz X-Class will remain in the fantasy world. According to some news, the AMG big boss has finally spoken up about why an AMG X-Class is...
by - December 5, 2016
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries