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’Porsche woos Mideast investors
The corporate saga surrounding Volkswagen and its largest shareholder, Porsche, took another twist on Tuesday when it emerged that Porsche’s chief executive Wendelin Wiedeking had spoken to several Middle East funds – some from Abu Dhabi and Qatar – about taking a stake of up to 25% in the carmaker.
Porsche moves to restart VW talks
The family owners of Germany’s Porsche scrambled on Monday to revive stalled merger talks with Volkswagen as thousands of workers at the debt-ridden sports carmaker gathered to protest against Ferdinand Piëch,
CDS report: Porsche races wider
Having fallen steadily last week, the appetite for risk in Europe wobbled on Monday as a raft of investment-grade companies sought to raise money in the bond market.
Non-financial investment-grade companies have already raised €153bn this year,
VW suspends talks with Porsche amid feuding
Volkswagen suspended merger negotiations with Porsche on Sunday in another twist in the power struggle between Europe’s largest carmaker and the debt-ridden sports carmaker that is its biggest shareholder,
Baaaaaaafin: Porsche, nochmal
Porsche is in the spotlight again. German regulatory titan BaFin is investigating the former car maker-cum-arbitrage opportunities fund once more.
Unfortunately though this isn’t a reopening of the brief,
CDS report: A reversal of trend
European credit markets saw an abrupt trend reversal on Monday as the cost of protecting against default on a range of higher-risk corporates widened suddenly after a week of falling prices.
Having tightened by almost 80 basis points last week,
Porsche, VW agree merger
Volkswagen and Porsche announced plans to merge on Wednesday, ending the 3½-year takeover saga surrounding Europe’s largest carmaker. After a meeting of the Porsche family owners and VW and Porsche executives in Salzburg,
Porsche, VW clash over rescue plan
The feuding families that control Porsche are set for a showdown on Tuesday over rival rescue strategies for the highly-indebted German sports carmaker. Wolfgang Porsche, chairman of the eponymous carmaker,
CDS update: Credit markets outperform equities
This CDS report was written by Markit’s Gavan Nolan
European credit indices outperformed their equity counterparts today, continuing the trend from yesterday. The Markit iTraxx Europe index tightened 152bp,
VW eyes move on Porsche
Volkswagen is considering an audacious bid for Porsche’s automotive business, a move that would up-end Porsche’s takeover of VW, which started three and a half years ago. VW’s management is weighing the option of buying Porsche AG,
Baaaaaaafin: No surprises here
GERMAN FINANCIAL WATCHDOG BAFIN SAYS HAS ENDED SHORT-SQUEEZE PROBE INTO VOLKSWAGEN SHARES NO EVIDENCE OF WRONG DOING.Indeed. Nothing unusual. At. All.
FRANKFURT, March 31 (Reuters) – Porsche landed a €6.8bn ($8.99bn) windfall from its share options in Volkswagen during the first half,
Snap news
Breaking pre-market news on Tuesday,
- VW hedges give Porsche €6.8bn windfall – statement.
- Fortis plunges to €28bn 2008 loss on banking – statement.
- Shire and GlaxoSmithKline enter agreement to co-promote Vyvanse – statement.
Hedge funds may sue Porsche
Hedge funds are considering possible legal action against Porsche, the German carmaker, over its involvement in an extreme share price spike in Volkswagen that led to billions of dollars of losses for the funds.
Funds ramp up Porsche case
Hedge funds have gained more ammunition for their legal complaints against Porsche after the German sports carmaker revealed it had made almost €400m ($514m)by placing bets on several German blue-chip shares,
Porsche triggers Scania offer
Porsche on Tuesday neared its goal of controlling a €130bn ($175bn) European car and truck empire as it increased its stake in Volkswagen to more than 50%, sparking a mandatory takeover offer for the truckmaker Scania.
Holger Haerter, crash test dummy
Holger Haerter is a man who knows a little bit about car-crashes. Market ones, that is.
He’s the Principal CFO of Porsche LLP and therefore, thanks to some creative fun with call options, a nemesis to the hedge fund world.
Porsche LLP
Results out from the leading German hedge fund/luxury car group. Remarkably full year pretax profits will be above sales.
How do they do that?
The above-average jump in profit was again due to special influences in connection with the holdings in Volkswagen AG,
Regulator probes VW share trades
An investigation into possible market manipulation in Volkswagen stock was launched yesterday by Germany’s financial regulator after a huge swing in the carmaker’s market value. The probe follows sharp
If history repeats, Porsche will now go bust
John Hempton at Bronte Capital has a wonderful account of the Stutz corner – a market scandal in the 20s with remarkable similarities to the current farce surrounding Volkswagen.
Stutz made legendary sports cars,
So how many hedgies did Porsche really kill?
Difficult to say, of course, but we’d be sellers of the €30bn figure being banded about by newspapers as they struggle to explain how speculators borrowed shares in Volkswagen, not knowing they belonged to Porsche,
Porsche to sell 5% stake in VW
This just in from Germany.
29 October 2008 – Partial Settlement of Hedging Transactions Planned Short Sellers Responsible for Extreme Price Movements in Volkswagen Ordinary Shares Stuttgart.
Porsche Automobil Holding SE,
Volkswagen.com(edy) – the 911 price target
Consider this “buy” recommendation on Volkswagen from analysts at Germany’s DZ Bank:
Even if the VW share is overvalued from the fundamental point of view, after Porsche’s announcement yesterday, we expect massive covered short-selling.
Hedge funds hit as Porsche moves on VW
Volkswagen’s shares more than doubled yesterday after Porsche moved to cement its control of Europe’s biggest carmaker and hedge funds, rushing to cover short positions, were forced to buy stock from a shrinking pool of shares in free float.
The disreputable market in Volkswagen
Taking the concept of excellent cornering to a new level, Porsche casually announced at the weekend that it had amassed a holding of 74.1 per cent in that other piece of German financial engineering, Volkswagen.
CDS update: The wisdom of credit default swaps
This CDS report was written by Markit’s Gavan Nolan
In the past, CDS spreads and stock prices have endured a steady, if inverse relationship. When one goes up the other comes down and vice versa. However,
Car crash in Germany
Shares in Volkswagen closed 22.6 per cent lower at 277p on Monday.
Has the German regulator, BaFin, got a handle on this?
Related links:
Porsche LLC? – the VW fruit machine explained – FT Alphaville
Porsche LLC? – the VW fruit machine explained
We like an analyst that takes a view. We like it even more when they put their proverbials on the line – in their first week in a new job.
So we should applaud Max Warburton, who has popped up at Sanford Bernstein and instantly provided a hair-raising explanation for the extraordinary rise in Volkswagen stock over recent months.
Porsche’s (and Piech’s) empire takes off
Porsche will soon control Europe’s largest car and trucks empire after an emergency meeting of its supervisory board on Monday gave the go-ahead for the German sports-car maker to increase its stake in Volkswagen from 31% to more than 50%.
Porsche Capital
Porsche managing to look very smart – and rather brutish all in one week.
First, the luxury German carmaker threatened to launch a legal challenge to prevent its customers from paying an increased level of congestion charge in London.
Porsche draws on €10bn pre-crunch loan
In a move that could spell trouble for banks, Porsche on Wednesday drew down a standing €10bn ($14.7bn) credit line just before time was due to be called on its highly favourable terms. Like a sharp-eyed arbitrageur,