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’Snap news
Breaking pre-market news on Tuesday,
- Volkswagen set to formalise approach for MAN — report.
- Serco announces £385m acquisition of Indian business process outsourcing company — statement.
- Novae studying merits of merger with Omega — 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 Wednesday,
- Andy Harrison, CEO of EasyJet, has indicated his desire to leave the Company in order to seek new challenges – statement.
- Volkswagen to pay Y222.5bn for Suzuki Motor stake – report.
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,
Magna feels the heat over Opel plans
Magna’s plans to take a majority stake in GM’s loss-making European arm Opel triggered a backlash on Tuesday when German carmakers Volkswagen and BMW voiced unease over the deal and warned that they would review links with the Canadian car parts supplier,
CDS report: Tepid US opening dents sentiment in Europe
Markit’s Gavan Nolan wrote this CDS report
European credit indices continued to tighten on Tuesday, though they lost some ground after a tepid US opening. The Markit iTraxx Europe index was trading around 85.5bp,
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.
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.
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.
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,
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.
Das Volkswagen short squeeze Déjà vu-Erlebnis
We mentioned last week that certain short-sellers were steadily building positions in Volkswagen — again.
They appeared to have forgotten their last shorting experience with the German carmaker — which resulted in the biggest short squeeze in history.
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.
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.
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,
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,