From Business

Porsche Sees End of Slump in Sales

New Jobs Created Once Again

Stuttgart. Porsche Automobil Holding SE, Stuttgart, has not gone unscathed by the severe slump of the economy in the world market in the year of business 2008/2009 (to July 31). As the company announced on Tuesday at the Frankfurt Motor Show IAA in providing an initial overview of the business year that has just ended, the expected car sales by its subsidiary Dr. Ing. h.c. F. Porsche AG, dropped 24 per cent to approximately 75.200 units. In comparison, revenues were down by only 12 per cent to an estimated amount of Euro 6.6 billion. In the words of Michael Macht, Executive Board Member of Porsche SE and Chief Executive Officer of Porsche AG, this should mark the lowest point in the slump: “Although the next few months will remain difficult, we are moderately optimistic for calendar 2010”, he stated in Frankfurt.
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Porsche Cayman Recognized as top Sports Car in UK and USA

Both Motor Trend and Auto Express award top spot to Porsche Cayman in recent competitions

Atlanta – Motor Trend Magazine has chosen the Porsche Cayman S as the “Best Driver’s Car” for 2009. Additionally, the Cayman was also picked by British car journal Auto Express as “Best Sports Car” in their New Car Awards 2009. In both cases Porsche’s mid-engined coupe won over experts with its driving dynamics, precision, feedback and response.

Featuring PDK (Porsche Doppelkupplung), Porsche’s Double-Clutch Gearbox, the Cayman S impressed Motor Trend on both regular roads and the race track, making its way to the top against nine other thoroughbred sports cars. The test team included select members of the Motor Trend staff as well as two professional race drivers – Randy Pobst and Massimiliano “Max” Angelelli.
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Porsche Raided on Insider Trading Suspicions in Germany

wiedeking
by Stefan Theil

Porsche headquarters were raided by German investigators Thursday due to suspicions of insider trading by former CEO Wendelin Wiedeking, who was ousted last month following an epic takeover battle in which the luxury carmaker almost swallowed Volkswagen─Europe’s largest carmaker, which is more than 10 times Porsche’s size─before VW turned the tables. It is now set to gobble up Porsche instead.

In trying to buy up Volkswagen, Wiedeking had accumulated 43 percent of VW’s shares but secretly held options on another 32 percent. Porsche did not disclose the options until October 2008, roiling the markets. The company said yesterday that the trades were perfectly legal under German law.
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VW to Raise $5.7 Billion for Stake as It Fills in Details of Porsche Deal

By KATHARINA BECKER and WILLIAM LAUNDER

FRANKFURT — Volkswagen AG said Friday it would raise €4 billion ($5.7 billion) in capital to acquire a stake in the operating business of Porsche, as it fleshed out details of the highly indebted luxury sports-car maker’s merger with VW.

Volkswagen plans to acquire a 42% stake in Porsche AG, the sports-car arm and a 100% subsidiary of holding company Porsche Automobil Holding SE, for €3.3 billion by the end of 2009. A new name for the company created through the merger of Porsche and Volkswagen is yet to be decided, Volkswagen said.

Porsche said on Friday that Qatar Holding LLC will acquire 10% of the ordinary shares of the Porsche holding company from the family owners and the majority of Porsche’s cash-settled options on Volkswagen shares, freeing up more than €1 billion for Porsche that is currently serving as collateral for the options structure.
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Qatar now a shareholder in Porsche

Contract signing seals the deal

Stuttgart. This Friday, in a festive ceremony, Porsche Automobil Holding SE, Stuttgart, and Qatar Holding LLC (QH) signed an agreement signaling the entry of the Emirate of Qatar into the Porsche SE family. In the afternoon, the Chairman of the Supervisory Board of Porsche SE, Dr. Wolfgang Porsche, welcomed the high-ranking delegation from Qatar led by Prime Minister of the Emirate, Sheik Hamad ibn Jassim ibn Jabir Al-Thani, to the historical Porsche Villa located on Killesberg Hill outside of Stuttgart. There, in the presence of the Minister President of Baden-Württemberg, Günther Oettinger, the two men signed two contractual agreements.
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