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Volkswagen board moves closer to Porsche merger

The Philadelphia Enquirer -- The Associated Press -- Frankfurt -- German carmaker Volkswagen AG said Friday its supervisory board had approved certain agreement contracts for the planned merger with German sportscar builder Porsche, taking the companies one step closer to completing the deal.

The contracts set out the organizational, structural and legal details of the agreement which was first announced in May and which is hoped to be concluded in 2011.

The next step of the process will be VW shareholders approving that the company take on a 49.9 percent stake in Porsche AG through the issuance of new shares. An extraordinary VW shareholder's meeting is planned for Dec. 3 to take a vote on that issue.

"The creation of an integrated automotive group with ten strong brands follows a compelling industrial logic," VW, based in Wolfsburg, said . . .

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Submitted Nov 20, 2009 By: SUVFan

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kelsielee Champion Author Atlanta Posts:3,389 Points:672,025 Joined:Sep 2008	Message Posted: Nov 21, 2009 2:01:44 PM Ignore kelsielee Report Abuse It seems as though we will continue to have fewer, but larger, car companies.
mmene Champion Author Houston Posts:4,347 Points:938,970 Joined:May 2008	Message Posted: Nov 20, 2009 4:08:00 PM Ignore mmene Report Abuse Yeah, there is a feeding frenzy in the worldwide auto industry with the strong gobbling up the weak. Or the weak gobbling up the weaker.
MacGyver_1701 Champion Author Indiana Posts:6,834 Points:1,876,050 Joined:Feb 2005	Message Posted: Nov 20, 2009 12:30:54 PM Ignore MacGyver_1701 Report Abuse The big will absorb the small
fordmexico Champion Author Michigan Posts:7,561 Points:307,200 Joined:Oct 2009	Message Posted: Nov 20, 2009 11:18:07 AM Ignore fordmexico Report Abuse This move actually cleans up a corporate mess begun several years ago. From Wikipedia "As of 2005, the extended Porsche and Piëch families controlled all of Porsche AG's voting shares. In early October 2005 the company announced acquisition of an 18.53% stake in Volkswagen Group (VWAG), and disclosed intentions to acquire additional VWAG shares in the future. As of June 2006, the Porsche AG stake in VWAG had risen to 25.1%, giving Porsche a blocking minority, whereby Porsche can veto large corporate decisions undertaken by VWAG." It was the unusual case of the small company exerting control over a much larger one. Hopefully, this will clean up the mess and allow both companies to move forward with their products and end their squabbles.
52MPG Champion Author Dayton Posts:4,914 Points:1,278,480 Joined:Apr 2006	Message Posted: Nov 20, 2009 10:57:07 AM Ignore 52MPG Report Abuse More consolidation.
bluebird1 Champion Author Toronto Posts:13,428 Points:2,655,055 Joined:May 2004	Message Posted: Nov 20, 2009 10:47:21 AM Ignore bluebird1 Report Abuse From what I read, this will make VW the largest car co. As for the two not mixing...actually historically & technically they do.
206awd250 Champion Author Seattle Posts:1,260 Points:521,155 Joined:Nov 2008	Message Posted: Nov 20, 2009 10:45:44 AM Ignore 206awd250 Report Abuse VW and Porsche do not mix.
ciimike Champion Author Nevada Posts:3,709 Points:764,075 Joined:Aug 2005	Message Posted: Nov 20, 2009 10:44:45 AM Ignore ciimike Report Abuse Porsche and VW. Two cars that really do not seem to go together.
Fitwit Champion Author Stockton Posts:4,370 Points:943,800 Joined:May 2009	Message Posted: Nov 20, 2009 10:42:04 AM Ignore Fitwit Report Abuse I wonder if that will change the Porsche advertizements. Remember when V.W. had the best ones! In the days before Geico.
wolfshadow12 Sophomore Author Riverside Posts:247 Points:79,440 Joined:Sep 2009	Message Posted: Nov 20, 2009 10:40:48 AM Ignore wolfshadow12 Report Abuse VW just became a lot bigger. Not sure if this makes them better.
yukonjack Champion Author Georgia Posts:5,123 Points:1,467,375 Joined:Oct 2004	Message Posted: Nov 20, 2009 10:38:39 AM Ignore yukonjack Report Abuse I'm not sure what this has to do with gas/oil prices, but maybe Porsche will let VW put one of its engines in the Beetle.
Lizzylou Champion Author Stockton Posts:7,040 Points:2,003,075 Joined:Oct 2005	Message Posted: Nov 20, 2009 10:34:43 AM Ignore Lizzylou Report Abuse I too thought that this had already happened!
Grasshopper53 Champion Author Texas Posts:1,229 Points:175,420 Joined:Apr 2006	Message Posted: Nov 20, 2009 10:33:26 AM Ignore Grasshopper53 Report Abuse Well said REVLAW! Back to where these two started. Dr. Ferdinan split off the company and started building Porches. They revamped the Bug, let's see a bus.
gilfarm Champion Author Alabama Posts:4,621 Points:1,505,965 Joined:Sep 2005	Message Posted: Nov 20, 2009 10:28:21 AM Ignore gilfarm Report Abuse I thought they were already together.
PaylessKY Champion Author Kentucky Posts:6,120 Points:1,125,425 Joined:Oct 2008	Message Posted: Nov 20, 2009 10:27:45 AM Ignore PaylessKY Report Abuse I hope they know what they are doing.
applejoe Champion Author Twin Cities Posts:3,630 Points:766,320 Joined:May 2001	Message Posted: Nov 20, 2009 10:26:52 AM Ignore applejoe Report Abuse FlyNFool, I think it might be the other way around.
ftsgt Champion Author Illinois Posts:10,730 Points:2,062,360 Joined:Dec 2004	Message Posted: Nov 20, 2009 10:26:48 AM Ignore ftsgt Report Abuse hadnt heard about this yet
Blazer197 Champion Author New Haven Posts:2,399 Points:457,325 Joined:Feb 2009	Message Posted: Nov 20, 2009 10:25:24 AM Ignore Blazer197 Report Abuse Oh Boy
jony Champion Author Florida Posts:5,239 Points:1,246,400 Joined:May 2006	Message Posted: Nov 20, 2009 10:24:21 AM Ignore jony Report Abuse does that mean we will get a more expensive car or a cheaper one?
humblepie Champion Author Toledo Posts:13,688 Points:1,906,420 Joined:Mar 2006	Message Posted: Nov 20, 2009 10:23:52 AM Ignore humblepie Report Abuse vw is a force to be reckened with
zornave Champion Author Louisville Posts:13,890 Points:2,204,700 Joined:Jul 2001	Message Posted: Nov 20, 2009 10:22:09 AM Ignore zornave Report Abuse Back during the 1960's era of overwhelming VW popularity a mechanic friend of mind had a Porsche-powered VW minibus-framed pickup truck that he rigged as a small car tow truck. It was capable of 70mph in second gear.
dabuzman Champion Author Seattle Posts:4,399 Points:1,429,850 Joined:Apr 2006	Message Posted: Nov 20, 2009 10:22:03 AM Ignore dabuzman Report Abuse Will to get things rolling maybe GM, Ford and Chrysler should all join forces and sell only the best and reduce the prices and make all their cars safer. Sell cars with full service they all ready paid for as long as they own their cars. Include oil change and all repairs for life. You have buy tires and gas.
Sam195 Champion Author San Bernardino Posts:5,765 Points:1,116,950 Joined:Oct 2008	Message Posted: Nov 20, 2009 10:21:15 AM Ignore Sam195 Report Abuse Helms, du bist idiot.
jarrjazz1 Champion Author British Columbia Posts:2,189 Points:450,615 Joined:Sep 2008	Message Posted: Nov 20, 2009 10:20:44 AM Ignore jarrjazz1 Report Abuse cool stuff
Helms Champion Author Fort Worth Posts:4,726 Points:1,495,070 Joined:Jun 2005	Message Posted: Nov 20, 2009 10:18:35 AM Ignore Helms Report Abuse porsche is just an over priced VW anyway.....bout time they merged....
Texrider49 Champion Author New Haven Posts:1,338 Points:313,485 Joined:Dec 2007	Message Posted: Nov 20, 2009 10:16:41 AM Ignore Texrider49 Report Abuse I THOUGHT THAT THIS WAS DONE YEARS AGO IF I AM RIGHT PORSCHE WAS PART OF VW TO BEGAN OF WITH.
Rajah Champion Author Illinois Posts:6,600 Points:1,961,185 Joined:Jul 2005	Message Posted: Nov 20, 2009 10:15:38 AM Ignore Rajah Report Abuse It makes historical sense, if nothing else, since the original Volkswagen was designed by Dr. Ferdinand Porsche in the 1930s. You definitely saw the commonality of design years ago when it was pretty easy to transplant a Porsche 356 engine and transmission into a Beetle for a real sleeper. [Edited by: Rajah at 11/20/2009 10:17:09 AM EST]
alphascan Champion Author Minnesota Posts:5,845 Points:1,318,915 Joined:Jul 2001	Message Posted: Nov 20, 2009 10:12:10 AM Ignore alphascan Report Abuse What happened to the Porsche/Audi partnership?
captngasTN Champion Author Tennessee Posts:2,523 Points:902,655 Joined:Jun 2009	Message Posted: Nov 20, 2009 10:09:22 AM Ignore captngasTN Report Abuse Good as a VW plant is coming to this state.
BobbyVA Champion Author Virginia Beach Posts:3,436 Points:749,015 Joined:Jul 2009	Message Posted: Nov 20, 2009 10:08:55 AM Ignore BobbyVA Report Abuse I also thought VM/Porsche had already merged and were one.
SeerLV Champion Author Las Vegas Posts:3,930 Points:807,825 Joined:Jun 2008	Message Posted: Nov 20, 2009 10:07:33 AM Ignore SeerLV Report Abuse The bigger company will have a greater market share.
FlyNFool Champion Author South Carolina Posts:5,960 Points:1,224,005 Joined:Aug 2008	Message Posted: Nov 20, 2009 10:06:28 AM Ignore FlyNFool Report Abuse Maybe a less expensive Porsche is on the horizon.
DWME Champion Author Indiana Posts:1,223 Points:250,000 Joined:Aug 2009	Message Posted: Nov 20, 2009 10:04:33 AM Ignore DWME Report Abuse I thought this was already a done deal!?!
Diesel_Ram Champion Author Dallas Posts:4,227 Points:1,056,880 Joined:Jan 2009	Message Posted: Nov 20, 2009 10:04:27 AM Ignore Diesel_Ram Report Abuse Sounds like a good move as long as they continue to satisfy their own perspective buyers.
BlueVanGroup Champion Author Colorado Posts:4,792 Points:1,071,375 Joined:May 2008	Message Posted: Nov 20, 2009 10:04:16 AM Ignore BlueVanGroup Report Abuse As I recall VW tried to take over Porsche, got overextended, and now Porsche will end up taking over VW. (Don't bite off more than you can chew?)
zimowski Champion Author San Jose Posts:4,330 Points:1,121,710 Joined:Nov 2007	Message Posted: Nov 20, 2009 10:02:24 AM Ignore zimowski Report Abuse Not the "People's Car" company for much longer.
tom11743 Champion Author North Carolina Posts:1,740 Points:423,495 Joined:May 2005	Message Posted: Nov 20, 2009 10:01:51 AM Ignore tom11743 Report Abuse A good idea, should be a good fit for both companies.
brew09 Rookie Author Madison Posts:47 Points:291,900 Joined:Mar 2009	Message Posted: Nov 20, 2009 10:01:04 AM Ignore brew09 Report Abuse Seems to make perfect sense to me
Rt118E Champion Author Pennsylvania Posts:6,719 Points:907,710 Joined:Jun 2009	Message Posted: Nov 20, 2009 10:00:52 AM Ignore Rt118E Report Abuse I thaught Volkswagen and Porsche were one. It is good news. Makes it stronger so it will keep its plant here going.
codeman94 All-Star Author Indiana Posts:526 Points:156,145 Joined:Jul 2008	Message Posted: Nov 20, 2009 10:00:48 AM Ignore codeman94 Report Abuse VW/Porsche would be an interesting duo.
jd2009 Champion Author Honolulu Posts:3,315 Points:1,031,250 Joined:Jan 2009	Message Posted: Nov 20, 2009 9:59:19 AM Ignore jd2009 Report Abuse That's good for VW, now they can raise the price of their cars
Oldwolf Champion Author Raleigh Posts:1,776 Points:1,465,450 Joined:Dec 2004	Message Posted: Nov 20, 2009 9:56:41 AM Ignore Oldwolf Report Abuse Seems like a natural combination...early Porsche designs shared the air cooled horizontally opposed engine concept...
REVLAW Champion Author San Antonio Posts:8,032 Points:1,541,240 Joined:Jul 2007	Message Posted: Nov 20, 2009 9:54:18 AM Ignore REVLAW Report Abuse It would appear the "american work ethic" has been greatly degraded if not eliminated under the "control hungry" democrat lead, and other countries along with foreign based corporations are rapidly taking advantage of the vacuum.
gas_too_high Champion Author Columbus Posts:8,195 Points:1,480,990 Joined:Aug 2005	Message Posted: Nov 20, 2009 9:53:20 AM Ignore gas_too_high Report Abuse I can't say this is overly surprising. VW already owns Audi, and the recession is putting pressure on German automakers to consolidate. And, I must admit, having one company make both the VW Beetle and the Porsche Carrera is pretty cool. GTH
BillHeatherL Champion Author Alberta Posts:5,340 Points:1,480,355 Joined:Apr 2007	Message Posted: Nov 20, 2009 9:51:39 AM Ignore BillHeatherL Report Abuse time will tell who it is good for
CptnCanada Champion Author Saskatoon Posts:5,048 Points:666,500 Joined:Jun 2008	Message Posted: Nov 20, 2009 9:50:49 AM Ignore CptnCanada Report Abuse A Porsche powered "Peoples Wagon"? or a VW powered Porsche?
148366 Champion Author Spokane Posts:3,646 Points:1,370,375 Joined:Apr 2007	Message Posted: Nov 20, 2009 9:50:22 AM Ignore 148366 Report Abuse Time will be the telling factor in this move.
Japsmith Champion Author Tacoma Posts:1,640 Points:228,980 Joined:Sep 2007	Message Posted: Nov 20, 2009 9:48:19 AM Ignore Japsmith Report Abuse All part of the smoke and mirrors in the auto industry numbers to make VW on top with the purchasing of Porsche. The funny thing is that it was reported that Porsche attempted to buy out VW earlier in the year. Maybe if Toyota wants to play that game they could say that they are buying Honda or Nissan and put their figures together too.
squeakyUT All-Star Author Salt Lake City Posts:874 Points:244,520 Joined:Jun 2009	Message Posted: Nov 20, 2009 9:44:32 AM Ignore squeakyUT Report Abuse I understand VW already has Porsche engines in them so I'm not surprised at the possible merger.
VTROCK Champion Author Detroit Posts:2,582 Points:644,455 Joined:Sep 2008	Message Posted: Nov 20, 2009 9:43:12 AM Ignore VTROCK Report Abuse They passed Toyota as the #1 automaker i nthe world and now they are going to expand at the high end of the market. The US sure came out on top in WWII.