Norwegian fund could stop VW’s plan to takeover Porsche
By Andrew C., 26 Aug, 2010. 0 Comments
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Norway 's sovereign wealth fund, which invested 270 million euros in VW shares, is demanding that VW drop its plan to purchase Porsche Holding, according to German paper Frankfurter Allgemeine Zeitung. A letter from the fund claims that VW is giving an unfair advantage to the owners of Porsche Automobil Holding SE, its largest shareholder. The fund charges that VW is purchasing
the businesses of the Porsche and Piech families at prices that are too high and for reasons that have not been disclosed.
The $420 billion Norwegian fund is insisting that VW demonstrate how the price was set or else, it will have to forego its intention to buy Porsche Porsche Holding, Europe 's largest car dealership. The letter also asserts that VW had not provided a sensible reason for buying Porsche Holding since it had not stated why VW is assuming Porsche's debt.
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