Deutsche Bank CEO Josef Ackermann has told Porsche's owner families of the urgency to stump up cash in order to pay down the company's debts, which have risen to 14 billion euros (20 billion pounds), a German magazine said on Saturday.
Representatives of the families that own Porsche (PSHG_p.DE) are set to take up seats on Volkswagen's (VOWG.DE) supervisory board vacated by former Porsche Chief Executive Wendelin Wiedeking and his finance chief Holger Haerter, sources close to Volkswagen said Friday.
Porsche conceded defeat in a months-long power struggle with Volkswagen Thursday by axing its embattled CEO, paving the way for VW to merge with the maker of the 911 sportscar.
Porsche SE could still dig itself out of its debt hole without a merger of its sportscar business with mass-market rival Volkswagen, two people close to Porsche said on Thursday.
Sportscar maker Porsche conceded a months-long power struggle to mass-market rival Volkswagen by axing its CEO and said it would raise at least 5 billion euros ($7.1 billion) in equity as the two prepared for a merger.
Porsche's board of directors in an all-night meeting endorsed talks to sell a stake to the Gulf state of Qatar and to boost its finances with a capital hike of at least 5 billion euros.
The twelve members of Porsche SE's supervisory board assembled on Wednesday, a day earlier than expected, to discuss the fate of the indebted sportscar maker.
Several outcomes remained possible to a power struggle pitting Porsche SE against Volkswagen a day ahead of an expected showdown between the carmakers' rival factions, people familiar with the matter said.
Any deal to sell Porsche SE's (PSHG_p.DE) sportscar business to Volkswagen (VOWG.DE) could be scuppered by potential tax liabilities, a German newspaper reported on Monday, knocking shares in the two German companies.
Porsche SE's controlling families will agree on Thursday to accept an offer by Volkswagen to buy its sports car business Porsche AG for roughly 8 billion euros ($11.28 billion), Der Spiegel reported on Saturday.
Porsche SE's controlling families will agree on Thursday to accept an offer by Volkswagen to buy its sports car business Porsche AG for roughly 8 billion euros ($11.28 billion), Der Spiegel reported on Saturday.
The families that own Porsche are close to a compromise agreement that could defuse the power struggle over control of the German carmaking powerhouse they seek to forge, sources close to the transaction told Reuters on Friday.
Porsche SE on Thursday refused to cede victory to Volkswagen in a test of wills over who will control the automotive juggernaut the German carmakers aim to forge.
Two plans are on the table to relieve Porsche SE's 10 billion euro ($14.09 billion) net debt burden and perhaps foster a tie-up with Volkswagen to create an automotive powerhouse.
The families that own Porsche SE have not yet agreed on a strategy to cut the automotive group's debt and join forces with Volkswagen, Porsche's deputy chairman said on Thursday.
The owners of indebted automotive group Porsche SE have agreed in principle to accept Volkswagen's plan for a merger but the deal awaits final approval, German newspapers reported on Thursday.
The end game in thorny merger talks between Porsche and Volkswagen looms on July 23 when the carmakers' supervisory boards meet separately in Porsche's home town of Stuttgart.
Sports car maker Porsche SE aims to use a capital increase and the sale of a stake to Qatar to cut its net debt that has ballooned to more than 10 billion euros ($14.05 billion), two sources close to Porsche told Reuters on Wednesday.
Sports car maker Porsche SE aims to use a capital increase and the sale of a stake to Qatar to cut its net debt that has ballooned to more than 10 billion euros ($14.05 billion), two sources close to Porsche told Reuters on Wednesday.
Volkswagen's second-biggest shareholder, the state of Lower Saxony, pushed to break the deadlock in merger talks with Porsche, saying it is looking for a clarity over the matter this week.
RHJ International (RHJI.BR) declared its interest in Opel on Monday and Qatar looked to be moving closer to a 7 billion euro bailout of Porsche (PSHG_p.DE), raising the stakes in the battles for control of both German carmakers.
Volkswagen has sweetened its bid to purchase almost half of sports car maker Porsche AG and is prepared to offer considerably more than 4 billion euros ($5.58 billion), Germany's Der Spiegel reported.
