Thursday, November 27, 2008
Porsche backs away from VW Majority
Porsche will not pay "ridiculous" prices for VW shares amid recessionary conditions, it said on Wednesday, backing away from its previous target to take majority control of Europe's biggest carmaker by the end of the year.
"In light of the current economic environment, it therefore becomes increasingly unrealistic to achieve this goal within 2008," CEO Wendelin Wiedeking told a news conference.
He said the goal remained to raise its voting stake to above 50 percent as soon as possible but added: "We are under no time pressure."
Wiedeking reaffirmed his intention to take Porsche's stake to 75 percent in 2009. ...
"In light of the current economic environment, it therefore becomes increasingly unrealistic to achieve this goal within 2008," CEO Wendelin Wiedeking told a news conference.
He said the goal remained to raise its voting stake to above 50 percent as soon as possible but added: "We are under no time pressure."
Wiedeking reaffirmed his intention to take Porsche's stake to 75 percent in 2009. ...
DATED: 27.11.08
FEED: ANE
