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’Snap news
Breaking pre-market news on Monday,
- AstraZeneca to pay $1.1bn to resolve US transfer pricing case — statement.
- Porsche prices €5bn capital increase at €38 a share — statement.
- Actelion hits back at Elliot Advisors — letter.
Snap news
Breaking pre-market news on Wednesday,
- Porsche faces new $1bn lawsuit from angry hedge funds — report.
- InterContinental Hotels Group says CEO Andrew Cosslett to step down on June 30 — statement.
Volkswagen 2.0
Remember the Volkswagen fruit machine?
Well, the situation developing at Hermes International, following the daring market raid by the Wolf in the cashmere coat, bears something of a resemblance to the short squeeze that developed in the German carmaker two years ago.
Snap news
Breaking pre-market news on Friday,
- Santander announces offer for 300 RBS branches — statement.
- Porsche anticipates under €1bn loss at end of fiscal year — statement.
- Competition Commission approves Bristol Water price increases — statement.
Porsche ‘Great Squeeze’ action doubles in size
The events of October 2008, when all those hedge funds betting against the runaway price of VW got their proverbials squeezed, were rather lost amid the chaos of the banking crisis at the time. But the wreckage is still being sorted – and the litigation is growing.
Porsche counts cost of VW fiasco
Porsche on Wednesday revealed the legacy of its failed attempt to take over fellow German carmaker Volkswagen, saying it would incur a second successive multi-billion euro annual loss. Hans Dieter Pötsch,
Hermes sends warning to VW
One of Europe’s most influential investors has strongly criticised Volkswagen’s plan to take over Porsche and threatened to take further action if demands for more transparency are not met. In a letter to Ferdinand Piëch,
Porsche reveals huge losses
Porsche on Thursday revealed a €4.4bn ($6.6bn) pre-tax loss in its past fiscal year, compared with €8.6bn in pretax profit a year earlier. The German sportscar maker had to swallow large writedowns on Volkswagen shares and options after abandoning its audacious and costly takeover attempt of VW this year.
Wiedeking involved in VW share probe
German prosecutors are investigating Porsche’s former chief executive Wendelin Wiedeking and others close to the sports carmaker, alleging market manipulation and passing of inside information in their failed takeover attempt of Volkswagen.
Snap news
Breaking pre-market news on Thursday,
- Qatar paid Porsche €80 per VW share — Reuters report.
- Macquarie to restructure, spin off infrastructure, review says – Bloomberg report.
- Corporate:
VW seals €3.3bn Porsche deal
Volkswagen is to pay €3.3bn ($4.7bn) for a 42% stake in Porsche’s main production division, the two German carmakers said on Thursday as they moved towards full integration. In a deal that amounts to a rescue of debt-laden Porsche,
The VW Cayenne and other Porsche posers
“The Smartest Guys have now left the room,” notes Max Warburton, the Bernstein analyst who brought us the Porsche/Volkswagen Fruit Machine in October last year.
The reckless idiocy of that VW takeover plan,
VW plans to raise $5.7bn
Volkswagen, Europe’s largest carmaker, is eyeing a capital raising of up to €4bn ($5.7bn) as part of a plan to buy Porsche. Last week the Piëch and Porsche families ended months of feuding by agreeing to fold the German sports carmaker into VW.
The Porsche Fett Katze
Fresh (and yet almost unbelievable) from the FT’s Daniel Schäfer in Frankfurt:
Porsche offered ousted chief €140m
A row over the €50m payoff for Porsche’s ousted chief executive intensified up on Friday when it emerged that the sports carmaker’s family owners had originally offered Wendelin Wiedeking €140m. Wolfgang Porsche,
Triumph for VW in Porsche battle
Porsche’s family owners on Thursday ended months of feuding over a rescue of Germany’s debt-ridden sports carmarker by agreeing a merger with Volkswagen and ousting its chief executive Wendelin Wiedeking with a huge €50m pay-off.
Lex: Porsche
The dismissal of Wendelin Wiedeking may clear the way for Ferdinand Piëch to leave his family an extraordinary legacy.
Porsche SE could inject the unlisted distributor into Porsche AG, which VW would then buy.
Now that’s a payoff
From FT.com on Thursday.
Porsche on Thursday dismissed chief executive Wendelin Wiedeking, as the debt-ridden German sports carmaker prepared for an increase of its capital base by at least €5bn ($7.1bn) ahead of a merger with rival Volkswagen.
Porsche plans to add €5bn to capital base
Porsche plans to increase its capital base by at least €5bn in a move to bolster its sagging balance sheet ahead of a planned, though controversial, integration of carmaking operations with its German rival Volkswagen,
Porsche/VW deal close
Porsche’s controlling families will agree on Thursday to accept an offer by Volkswagen to buy its sports car business Porsche AG for roughly ¢8bn, Der Spiegel reported on Saturday. The rival Porsche and Piech clans,
Porsche CEO says VW power struggle almost over
Porsche SE is likely to reach an agreement on a stake sale in a few days, chief executive Wendelin Wiedeking told Bloomberg, when asked whether Porsche will be sold to Volkswagen. “It’s already on the table,” he said in Ingolstadt,
Peace threatens to break out at Porsche
Porsche’s family owners were poised to settle their feud over a rescue of the ailing German sports car maker with a compromise deal that would wipe out almost all its debt. The plan includes a sale of half the sports car business for as much as €4bn to Volkswagen,
Leading hedge fund manager to quit
… according to Germany’s business weekly WirtschaftsWoche:
FRANKFURT, July 15 (Reuters) – Porsche SE’s embattled chief executive, Wendelin Wiedeking, is leaving the company, Germany’s business weekly WirtschaftsWoche reported on Wednesday,
Porsche rejects VW’s stake bid
The tug-of-war over Porsche intensified on Monday when it rejected a bid from Volkswagen worth up to €4bn ($5.6bn) for half the German sports carmaker, saying the offer had been sent to the wrong address.
Porsche rekindles dispute with VW
The power struggle over Porsche was reignited on Sunday when the chairman of the German sportscar maker accused Volkswagen of attempting to blackmail it into accepting a reworked merger plan. Wolfgang Porsche,
Qatar fund in talks with Porsche
Porsche is in advanced talks to sell a large stake to the Gulf state of Qatar in a deal that could turn the tables in its feud with Volkswagen. Wendelin Wiedeking, Porsche’s chief executive, is talking to the Qatar Investment Authority about selling a stake of up to 25% in Porsche’s holding company.
CDS report: Auto-mobility
Appetite for risk in European credit markets receded on Thursday, tracking jitters in global stocks which were themselves reacting to a jump in yields on government debt and poor US housing data.
An overnight sell-off in US stocks followed investor concerns that increasing yields on Treasury bonds would lead to higher borrowing costs across the economy.
VW investors forget the pain of burnt fingers
Short-sellers appear to have forgotten what happened the last time they dallied with Volkswagen – nothing less than biggest short squeeze in history.
Because on Wednesday, DataExplorers – which tracks short interest – noted that the short base for Volkswagen had crept up to 3 per cent,
CDS update: After early jitters, markets edge tighter
This CDS report was written by Markit’s Gavan NolanAfter a shaky start, European credit markets recovered this afternoon with the assistance of news from the US. Stronger than expected consumer confidence figures from the states helped to assuage nerves created by nuclear and missile tests in North Korea.
CDS report: Market steels wider
The cost of insuring against the possibility of default on European corporate bonds rose slightly on Tuesday, in spite of a growing number of high grade companies seeking to raise funds in the market.
Porsche options profit at risk
Porsche, struggling to combine with Volkswagen, could lose some of the €17.3bn ($24.3bn) in profits recorded from holding VW options because it may not have the money to exercise them, reports Bloomberg.