• Porsche

    Volkswagen and Porsche Create Integrated Automotive Group 

    by
    Tom
    Published on 07-07-2012 10:56 AM
    Categories:
    1. Local
    2. International
    3. Porsche
    4. Volkswagen
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    • Accelerated integration model permits combination of automotive business with expected effect as from August 1, 2012
    • Porsche’s automotive business will be contributed in full to the Volkswagen Group ahead of schedule for around €4.46 billion plus one Volkswagen ordinary share
    • Net synergies of approximately €320 million from the accelerated integration will be split 50:50 between the two companies
    • CEO Prof. Dr. Martin Winterkorn: "Good for Volkswagen, good for Porsche and good for Germany as an industrial location"
    Volkswagen Aktiengesellschaft and Porsche Automobil Holding SE (Porsche SE) are to create the integrated automotive group through the contribution in full of Porsche’s automotive business to the Volkswagen Group, with the move expected to already take effect as of August 1, 2012. The relevant governing bodies of the two companies approved the plan for this today. The move will allow the integrated automotive group consisting of Volkswagen and Porsche to become reality some two years earlier than would have been economically feasible under the put/call options provided for in the Comprehensive Agreement signed in August 2009. Porsche SE will receive around €4.46 billion and one Volkswagen ordinary share as consideration for contributing the 50.1 percent of Porsche AG not yet owned by Volkswagen. "The unique Porsche brand will now become an integral part of the Volkswagen Group. That is good for Volkswagen, good for Porsche and good for Germany as an industrial location. Combining their operating business will make Volkswagen and Porsche even stronger – both financially and strategically – going forward. We can now cooperate even more closely and jointly leverage new growth opportunities in the high-margin premium segment through targeted investments in pioneering products and technologies. This will benefit our customers, our employees and our shareholders", said Prof. Dr. Martin Winterkorn, Chairman of the Board of Management of Volkswagen Aktiengesellschaft.

    The two companies announced last September that it would not be possible to implement the merger of Volkswagen AG and Porsche SE provided for in the Comprehensive Agreement signed in 2009 by the end of 2011, as had been agreed. In addition, the tax treatment of the put/call options provided for in the Comprehensive Agreement does not allow the automotive business to be integrated on economically feasible terms before the second half of 2014. The two companies have therefore been exploring alternative ways of achieving their common goal of an integrated automotive group that can be implemented by all parties at an earlier point in time.

    The accelerated integration model that has now been agreed is based on the Umwandlungssteuergesetz (Reorganization Tax Act) and the Umwandlungssteuererlass (Taxation of Reorganizations Circular) which was published at the end of 2011, as well as advance rulings from the relevant tax authorities, and can be implemented on economically feasible terms. Under the structure developed jointly by the two companies, Porsche SE will contribute its operations as a holding company, including its 50.1 percent Porsche stake, to Volkswagen Aktiengesellschaft, which already holds indirectly 49.9 percent of Porsche AG. Once the transaction has closed, Volkswagen will hold 100 percent of the shares of Porsche AG via an intermediate holding company. In return, Porsche SE will receive a consideration totaling around €4.46 billion plus one ordinary share of Volkswagen. The cash consideration is based on the equity value of €3.88 billion for the remaining shares of Porsche AG set out in the Comprehensive Agreement, plus a number of adjustment items. Among other things, Porsche SE will be remunerated for dividend payments from its indirect stake in Porsche AG that it would have received as well as for half of the present value of the net synergies realizable as a result of the accelerated integration, which amount to a total of approximately €320 million.
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    Richards to Debut New GT3 RS at Cootha Classic 

    by
    Tom
    Published on 07-05-2010 06:16 PM
    Categories:
    1. Local
    2. Porsche

    Racing legend Jim Richards plans to debut his brand new $337,000 Porsche GT3 RS at this month’s Cootha Classic sponsored by Shannons at Brisbane’s iconic Mount Coot-tha over the May 29-30 weekend.

    The seven time Bathurst and eight time Targa Tasmania winner gave his latest tarmac weapon its shakedown run in the 2010 Targa Tasmania in preparation for its planned Mainland Australian debut in Brisbane and pronounced it “a missile”.

    “We had initially planned to run the 911 GT2 we used last year, but the new GT3 RS came through Targa so well we think it could be an excellent vehicle for the Cootha Classic if we can get it prepared in time,” said Richards.

    The uncompromising GT3 RS uses the new 3.8-litre naturally aspirated engine of its junior brother, the GT3. However the RS version produces 11kW more power at 331kW at 7,900rpm rpm, 35Nm more torque and is even faster and more agile. It accelerates from 0-100km/h in under 4.0 seconds and has a top speed of 312km/h.

    Thanks to Shannons, a lucky enthusiast will experience what it’s like to travel first class like Jim Richards.

    Everyone who gets a Shannons insurance quote during the Cootha Classic promotion in Brisbane’s Queen Street Mall from 8.00am until 1.00pm on Friday May 21, or at the event itself over the May 29-30 weekend, will go into the draw to win a Hot Lap with Richards in either his GT2 or GT3 RS race car at Lakeside on Monday, August 9, including lunch with Jim.

    This year’s Cootha Classic follows the success of the 2009 event staged by the Historic Racing Car Club of Queensland as part of Brisbane City Council’s 150 years celebrations.
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