Porsche intentioneaza sa devina actionar majoritar al VW
#1
Scris 30 martie 2007 - 06:06
Tata Piech pune la cale astfel o lovitura de maestru....
Porsche se imprumuta ca sa cumpere VW - stire de pe Automarket
Vineri, 30.03.2007
Constructorul german a obtinut o creditare de 46.67 miliarde de dolari cu care vrea sa cumpere VW.
Porsche a obtinut o creditare de 46.67 miliarde de dolari, suma cu care spera sa cumpere grupul Volkswagen. Recent, Porsche si-a marit participatia in cadrul Volkswagen la 30.94%, o mutare care, potrivit legilor statului german, permite lansarea unei oferte de cumparare.
Noul capital va fi folosit pentru a finanta celelalte participatii ramase. Actualul imprumut este alcatuit din patru mari transe: doua pe un an si doua pe trei ani cu o optiune de prelungire a termenului, de doi ani.
Porsche va inainta oferta sa de achizitie unui organ de evaluare al statului german care va aproba deschiderea licitatiei. Daca va reusi sa achizitioneze grupul VW, Porsche va detine controlul asupra unor brand-uri de masa precum Skoda sau asupra unor marci de nisa precum Bugatti sau Bentley.
"Dream as if you'll live forever. Live as if you'll die today" - James Dean
"Les voitures, c'est comme les femmes, il y a celles pour lesquelles on a un coup de foudre et celles avec lesquelles on a envie de vivre."
#2
Scris 30 martie 2007 - 06:45
#3
Scris 30 martie 2007 - 07:08
in plus, proprietarul ramane neamt, ceea ce ma bucura.
#4
Scris 30 martie 2007 - 08:15
Adăugat: 29 martie 2007
#5
Scris 30 martie 2007 - 09:49
Porsche, desi foarte profitabil (cel mai profitabil din industria auto parca) si foarte bine condus, nu cred ca e asa de bogat cum pare. Sa nu uitam ca preiau VW pe bani imprumutati. Pai pe bani imprumutati il preiau si eu, miine. Singura diferenta e ca eu nu am dovedit nimic, pe cind ei sint foarte cunoscuti ca excelenti manageri in domeniul asta si atunci e usor sa le dai banii.
#6
Scris 30 martie 2007 - 10:06
#7
Scris 31 martie 2007 - 01:47
Lasind asta la o parte, tu chiar iti inchipui ca Posrche are pe undeva o lada cu patruj de miliarde de dolari?
Aceasta postare a fost editata de vrajitorul din orz: 31 martie 2007 - 01:56
#8
Scris 31 martie 2007 - 11:16
Vrajitorule, iar vorbesti aiurea. Orice preluare se face, daca ai cap, cu bani imprumutati, fiindca return-ul e mult mai mare decat daca ar fi pus banii de la ei. Asta o stie orice manager destept si care e intr-adevar manager.
In caz ca te poti cobori din aura de pseudo-atotstiutor, ai putea intelege ce am zis. Nu am afirmat ca se scot profituri uriase, am zis doar ca return-ul la bani imprumutati e mult mai mare decat cel cu bani proprii.
#9
Scris 31 martie 2007 - 12:22
2. Important e ca piata sa perceapa tentativa firmei achizitoare de a cumpara target-ul ca fiind o manevra buna, din care se pot obtine sinergii si care poate fi gestionata dpdv al tuturor aspectelor unui merger => in caz pozitiv piata va fi de acord sa finanteze achizitia respectiva.
3. aia care spuneati ca Porsche cumpara pe credit.... va invit sa va duceti voi sa angajati un imprumut de 40 de miliarde de EUR... acest imprumut este dat datorita capacitatii mari a lui Porsche de a genera cash dovedita in ultimii ani precum si increderii in potentialele economii din sinergii cu VAG (deja dovedite partial in trecut cu Cayenne-Touareg...)
4. marjele de profit in industria auto sunt mici daca esti un producator generalist, insa sunt mari si foarte mari in segmentul premium, unde actioneaza Porsche si multe din marcile VAG. Just imagine: un Audi A3 care este doar un Golf cu alte haine si alte setari de suspensie este cu pina la 50 % mai scump decit modelul echivalent VW - e de presupus ca si Golf-ul are o marja bunisoara de profit, deci imaginati-va citi bani poate face Audi...
5. Intr-adevar modul de a finanta o tranzactie e important. este vorba de asa numitul WACC (Weighted Average Cost of Capital) care depinde daca vorbim de capital propriu sau de capital imprumutat (fiind de regula mai mare la capitalul propriu). Mai este si conceptul de leverage, si anume prin leverage (indatorare) o firma isi mareste profitabilitatea si eficienta operationala la un nivel dat de capital, de unde si zicala "better debt than equity" (bineinteles nu trebuie sa se exagereze si sa se treaca in partea cealalata de supra-indatorare, exista un optimum leverage)
In alta ordine de idei, cine naiba e Mustafa Yildizdogan asta ? Ca am googalit dupa el dar n-am gasit nimic...
Si alta intrebare retorica... daca Porsche cumpara VAG, nu o sa aiba probleme cu canibalizari interne de modele - a se vedea Porsche 911/Audi R8/Lamborghini Gaillardo, Porsche Cayenne/VW Touareg/Audi Q7, Lamborghini Diablo/Bugatti Veyron, Audi TT/Porsche Cayman, Porsche Panamera/Audi S8 ? O sa fie complicat rau de pozitionat si diferentiat toate aceste marci...
s-ar putea sa aiba ideea ulterior de a mai scapa de undele din marcile din constelatia VAG (Seat ? Bugatti ? Bentley ? Lamborghini ?) ca sa simplifice problema si sa mai recupereze niste cash...
Aceasta postare a fost editata de Frank SF: 31 martie 2007 - 12:30
"Dream as if you'll live forever. Live as if you'll die today" - James Dean
"Les voitures, c'est comme les femmes, il y a celles pour lesquelles on a un coup de foudre et celles avec lesquelles on a envie de vivre."
#10
Scris 31 martie 2007 - 12:43
http://www.porsche.c...p;id=2007-03-24
Porsche Supervisory Board approves increase of stake in Volkswagen - Company to become a European stock corporationResponse to the challenges of the international automobile market
Stuttgart. At its extraordinary meeting held today, the Supervisory Board of Porsche AG authorized the Managing Board to increase the stake held in Volkswagen AG from the present 27.3 per cent to up to 31 per cent of the ordinary shares and thus to make a mandatory offer for Volkswagen. The Managing Board intends to make use of this authorization in the short term. Porsche holds an option, which is exercisable at any time, to purchase up to 3.7 per cent of the ordinary shares of VW. The mandatory offer will be made to all VW shareholders after the 30 per cent voting rights threshold is exceeded. Once this mandatory offer has been implemented, any further increases by Porsche of its stake in VW will not trigger a renewed obligation to make an offer to the remaining shareholders of the Wolfsburg-based car manufacturer. At present, it is unclear whether, when and on what terms such increases will take place.
It is proposed that only the minimum price prescribed by law will be offered as part of the mandatory offer. This is expected to amount to 100.92 Euro per VW ordinary share. For the VW preference shares the price will be the minimum price which will be calculated by the Federal Agency for Financial Services Supervision (BaFin). Porsche does not consider a premium on the minimum price to be appropriate, since the price of the VW ordinary shares has already increased by more than 100 per cent since the Stuttgart-based sports car manufacturer first acquired a stake and the price of the VW preference shares has almost quadrupled. Furthermore, the mandatory offer will not be conditional upon attainment of a minimum acceptance level (e.g. a majority interest in Volkswagen). Financing of the mandatory offer has been ensured via a credit facility arranged by ABN AMRO Bank N.V, Barclays Capital, Merrill Lynch International, UBS Limited and Commerzbank AG.
Part of the background to the increase of the stake to over 30 per cent is the expected fall of the VW Act. As a result of the opinion delivered on 13 February 2007 by the Advocate General of the European Court of Justice, in which he emphasizes the incompatibility with EU law of the limitations on voting rights contained in this Act, Porsche expects that the European Court of Justice will also hold the VW Act to be illegal so that the German Government will have to amend or repeal this Act.
In addition, a holding structure is to be implemented the principal purpose of which is to separate operational business activities from holding activities. To this end, it is proposed to hive down the operational business of Porsche AG into a wholly-owned subsidiary under the provisions of the German Conversion Act. This company will then continue the current business operations of the sports car manufacturer under the existing company name Dr. Ing. h.c. F. Porsche AG. A domination and profit transfer agreement is to be concluded between the future holding company and the operational subsidiary. The Managing Board of Porsche has, in this context, made it clear: Porsche will remain Porsche. Nothing will change with regard to the structure of the plants, the suppliers, the production and development partners, the dealers and the other partners. The existing business and legal relationships will remain unaffected by the transaction. As a result of the hive-down, the areas of responsibility of the management will in future be divided between the holding activities on the one hand and the development, production and sale of premium sports vehicles in Dr. Ing. h.c. F. Porsche AG on the other.
It is also proposed that the company, which will then be operating as a holding company, will be converted into a European stock corporation � �Societas Europaea (SE)�. An SE is a modern and internationally oriented corporate form which, inter alia, enables the size of the Supervisory Board (twelve members), which has proved its worth in the past, to be maintained for the future. The operational company will continue to have its seat in Stuttgart, and the new holding company will also be located in the Greater Stuttgart area. The decisions on the hive-down, the conversion and the domination and profit transfer agreement are to be taken at an Extraordinary General Meeting, which is expected to take place in June.
Porsche has traditionally had a close relationship with Volkswagen. The first bestseller of VW, the beetle, was based on a development by the founder of Porsche. Many joint projects, such as the 914, the 924 and the 944, and also a joint sales company in the period between 1969 and 1974, were propitious business decisions which proved successful in the market. The results of numerous development services provided by the sports car manufacturer to Volkswagen are nowadays a standard feature in vehicles of the Wolfsburg-based group. The pinnacle of success can be seen in the current off-road models Cayenne and Touareg. The platform has now also been adopted by Volkswagen�s subsidiary Audi for its Q7.
In the meantime, further joint projects have been initiated: a hybrid engine which is to come on the market in the course of the current decade, a joint electronics platform, a cooperation with regard to the building of the body shell for the new four-door Gran Turismo Panamera and further projects aimed at optimizing consumption and at safety technology.
Porsche is firmly convinced that a closer bond with VW through an increase of the stake to more than 30 per cent of the Volkswagen ordinary shares will produce benefits for both partners without diluting or indeed endangering the identity of Porsche. Quite the contrary: Porsche will perform its economic and social role even more strongly.
The Managing Board of the sports car manufacturer regards the proposed increase of the stake in VW group as a logical step to enable it to meet the global challenges in the highly competitive automobile market even better. It is firmly convinced that the technical and strategic collaboration between Porsche and Volkswagen produces benefits for both partners. This particularly applies in light of the pressure to rationalize and consolidate in the global automobile industry as a result of the increasing international competition, especially from the up-and-coming automobile nations Japan, China (now the second largest automobile producer in the world), India, Malaysia, Russia and others. Cooperations and alliances are not uncommon even today, but in the not-too-distant future they will be a part of everyday life. Both Porsche and Volkswagen will be prepared for this. Based on the experience of their collaboration to date, both partners will be able to return a positive verdict.
The automobile industry plays a key role in Germany: it creates a large part of the wealth and it must, more than ever, position itself for the future. Porsche intends to contribute to the success of this industry.
"Dream as if you'll live forever. Live as if you'll die today" - James Dean
"Les voitures, c'est comme les femmes, il y a celles pour lesquelles on a un coup de foudre et celles avec lesquelles on a envie de vivre."
#11
Scris 31 martie 2007 - 01:03
de pe site-ul Porsche, iata structura actionariatului....
http://www.porsche.c...olderstructure/
Interesant e ca ordinary shares (adica cele care dau drept de vot in AGA) sunt detinute numai de familiile Piech & Porsche, restul sunt preference shares, care sunt un fel de mix intre actiuni si obligatiuni dar nu dau drept la vot... deci Porsche e o afacere controlata de familiile Piech & Porsche...
"Dream as if you'll live forever. Live as if you'll die today" - James Dean
"Les voitures, c'est comme les femmes, il y a celles pour lesquelles on a un coup de foudre et celles avec lesquelles on a envie de vivre."
#12
Scris 31 martie 2007 - 01:18
deci da, preluarile nu se fac cu banii tai ci cu bani imprumutati
#13
Scris 31 martie 2007 - 03:14
Urasc merketing-ul,sau mai bine spus ,ma minunez de a sa influenta asupra majoritatii.
Mustafa ala, e a mea inventie,pentru a-l sicana pe oaspete(are el ce are cu spiritul jerman!---el e un supertip,roman ,dealtfel!!!).
:beerchug:
#14
Scris 31 martie 2007 - 04:28
m-am prins din prima de smen, dar am tacut malc. nu vroiam sa stric poanta.
P.S. fiti buni si incercati sa nu deraiati, altfel interesante expunerile domniilor voastre.
Aceasta postare a fost editata de oaspetele: 31 martie 2007 - 04:28
#15
Scris 04 aprilie 2007 - 12:40
La punctul 4., desi ai dreptate, nu ai explicat deloc unde sint marcile alea premium/exclusiviste care nu au dat faliment inca, in afara de BMW si Porsche. Iar VAG ESTE o marca generalista... ma indoiesc ca de exemplu face vreun ban din Golf, ci mai degraba cred ca finanteaza Golf cu ce scoate de la Audi. Altfel nu se poate explica de ce sint cu profitul la 0 in cel mai bun caz desi ei au o "margine buna de profit" pina si la Golf. Saracii Porsche cumpara VAG cu tot cu sindicate si alte tinichele. Asta nu mi se pare deloc o operatiune cu risc redus, nu e deloc prima oara cind un producator care de bine de rau se tine cumpara pe altul si impreuna pica in rahat (de exeplu Daimler-Chrysler).
#16
Scris 04 aprilie 2007 - 11:53
si cand te gandesti ca totul a inceput cu un singur model pt porsche, boxter. ce inseamna sa ai putine modele, iar unul sa se vanda extrem de bine. daca la vw vor face golful asa cum trebuie (pe platforma lui se dezvolta multe alte modele), succesul e garantat.
mai trebuie inteles ceva, firmele astea nu stau cu banul in portofel ca noi, poate nu au nici un euro lichiditati. iar ca regula de baza, un take-over se face cu bani externi si din acest motiv.
vrajitorule, mercedes a inceput sa miste, nu mai cobiti va rog.
tu nebuno tu, zapacito, te sparg, te-ndoi ... m-am sucit ... si tot sugi si tot bagi si tot sugi ... daca nu e tare, cred ca o frec degeaba ... de meserie sunt frumoasa. si sunt modesta, dar vreau sa se stie .. înaltă, blondă și cu sânii mari ... sunt cu mașina la spălătorie.
despre fotografie
#17
Scris 04 aprilie 2007 - 03:00
. Sa nu uitam ca preiau VW pe bani imprumutati. Pai pe bani imprumutati il preiau si eu, miine.
Vrajitorule, cine iti da tie atatia bani imprumut ca m-as baga si eu daca este asa de simplu????
#18
Scris 04 aprilie 2007 - 04:00
#19
Scris 04 aprilie 2007 - 04:40
brava, ce vrei sa faci cu vw? sa le furi tehnologia tdi sa o vinzi la honda?
Un exemplu de gandire profunda. Pe cand un tatuaj cu sigla VW?
#20
Scris 04 aprilie 2007 - 08:15
Cata, Merc nu stiu daca misca da stiu sigur ca vrea sa vinda ce a preluat cu mare tam tam acum citiva ani. Au intrat, s-au fript, ies. Mi-ar parea rau sa faca la fel si Porsche.
Pina la urma eu nu stiu ce ne certam aici ca toti spunem cam acelasi lucru.
#21
Scris 04 aprilie 2007 - 08:36
tu nebuno tu, zapacito, te sparg, te-ndoi ... m-am sucit ... si tot sugi si tot bagi si tot sugi ... daca nu e tare, cred ca o frec degeaba ... de meserie sunt frumoasa. si sunt modesta, dar vreau sa se stie .. înaltă, blondă și cu sânii mari ... sunt cu mașina la spălătorie.
despre fotografie
#22
Scris 05 aprilie 2007 - 09:12
#23
Scris 05 aprilie 2007 - 10:33
Aceasta postare a fost editata de sandumbogdan: 05 aprilie 2007 - 10:34
#24
Scris 05 aprilie 2007 - 02:25
tu nebuno tu, zapacito, te sparg, te-ndoi ... m-am sucit ... si tot sugi si tot bagi si tot sugi ... daca nu e tare, cred ca o frec degeaba ... de meserie sunt frumoasa. si sunt modesta, dar vreau sa se stie .. înaltă, blondă și cu sânii mari ... sunt cu mașina la spălătorie.
despre fotografie
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