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A few weeks ago, Porsche (I thought) pulled a fast one and bought a controlling stake (?) in VW.
Now it's VW who seems to have bought Porsche (and is considering using the old name of Auto Union for the new conglomerate).
Can anyone who knows explain in a sentence how that happened, so I don't have to bother reading up on it myself?
Ta.
I saw the tv programme about the porsche attempt. sorry, can't remember how it all worked, but i do remember thinking it was damn clever.
sorry not much help 🙄
would be cool to have an auto union team in f1 though.
Ah just found this on PistonHeads:
The FT story says the takeover has been proposed as one possible solution to problems the Porsche automotive business may have financing its own €9bn debt.
Tricky one - market cap of VW Eur 70bn -- market cap of Porsche Eur 7.3bn.
Porsche owns/controls ~ 50% of VW -- so Porsche ex its VW stake is worth minus Eur 28bn ......
VW pref shares (same rights as ordinary shares with better dividend but no vote) trade at Eur 48 but the ordinary shares trade at Eur 220m
Go figure
