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Piech

May 7, 2009

Porsche’s attempt to take over VW has come to an end after the families behind the two car giants agreed that they would merge the luxury carmaker’s automotive arm with its larger rival.

Porsche's attempt to take over VW has come to an end after the families behind the two car giants agreed that they would merge the luxury carmaker's automotive arm with its larger rival.

The deal, announced after a family meeting in Austria yesterday, will see "the creation of an integrated car manufacturing group," according to a statement from Porsche.

May 6, 2009

The Porsche and Piech families are reportedly meeting in the Austrian city of Salzburg today to try and come to an agreement on how to reduce holding company Porsche SE’s €9 billion debt.

The Porsche and Piech families are reportedly meeting in the Austrian city of Salzburg today to try and come to an agreement on how to reduce holding company Porsche SE’s €9 billion debt.

Principal among the discussions will be what to do with Volkswagen in which the families own a 51% stake. According to some reports, Porsche supervisory board chairman Wolfgang Porsche is hoping to merge both companies into a new holding company, while VW chairman Ferdinand Piech (pictured) would prefer his company to buy out Porsche’s automotive arm.

January 28, 2009

Members of the Porsche and Piëch families gathered in Stuttgart on Wednesday to celebrate the opening of the new Porsche museum.

Members of the Porsche and Piëch families gathered in Stuttgart on Wednesday to celebrate the opening of the new Porsche museum.

It will open to the public on 31st January, and has been called anything from Porsche’s new business card to a cathedral celebrating the iconic luxury sports car brand.

Designed by Roman Delugan it is entirely white in colour and has an exhibition area that appears to hover in space. Inside, 80 historic vehicles and more than 200 carefully arranged small exhibits from the company’s past are displayed over 5,600 square meters.

November 26, 2008

It might have beaten the hedge funds at their own game, briefly made VW the most valuable company in the world and announced the most successful year in the company’s history, but family-owned Porsche cannot escape the worldwide recession.

It might have beaten the hedge funds at their own game, briefly made VW the most valuable company in the world and announced the most successful year in the company's history, but family-owned Porsche cannot escape the worldwide recession.

On the day it announced that it had set new records with profit, turnover, sales and production figures reaching all-time highs in the year 2007/8, it also admitted that it expects a significant drop in sales in 2008/09.

October 30, 2008

The Porsche and Piëch families might have ironed out their personal differences but events within their businesses have escalated since Sunday when they announced they had amassed a further 31.5% in Volkswagen, pushing their ownership to over 74%.

The Porsche and Piëch families might have ironed out their personal differences but events within their businesses have escalated since Sunday when they announced they had amassed a further 31.5% in Volkswagen, pushing their ownership to over 74%.

However, controversy has centred on the fact that the 31.5% is in the form of cash settled options, purchased to hedge against price risks.

On the back of this, VW shares experienced a huge surge earlier this week. At one stage the price exceeded €1,000 per share, briefly making it the world's most valuable company.

October 27, 2008

Peace looks to have returned to the boardroom of luxury carmaker Porsche AG after Wolfgang Porsche, partner and chairman of the supervisory board, revealed that the owning Porsche and Piëch families had met last week to discuss the company’s takeover of Volkswagen.

Peace looks to have returned to the boardroom of luxury carmaker Porsche AG after Wolfgang Porsche, partner and chairman of the supervisory board, revealed that the owning Porsche and Piëch families had met last week to discuss the company's takeover of Volkswagen.
 
In a statement, Porsche AG admitted that public discussion about the company's takeover of VW had "led to irritation" within the family, peaking last month when Ferdinand Piëch (pictured), chairman of VW and Wolfgang's cousin, failed to attend a board meeting.

September 16, 2008

Family rivalries have surfaced in the Porsche and VW ranks with the revelation that Wolfgang Porsche, chairman of the holding company that owns the stakes in the carmakers, plans to oust his cousin Ferdinand Piëch as chairman of VW.

Family rivalries have surfaced in the Porsche and VW ranks with the revelation that Wolfgang Porsche, chairman of the holding company that owns the stakes in the carmakers, plans to oust his cousin Ferdinand Piëch (pictured) as chairman of VW.

The news came after rare public fighting between the Porsche and Piëch clans, who own sports car maker Porsche Automobil Holding AG and control a 31% stake Volkswagen, soon to be a majority.

January 1, 2008

Reports of corruption and fraud in major businesses have filled the first weeks of the new year with some notable family names being sullied. William Boston examines the implications of corruption allegations at a family business

Reports of corruption and fraud in major businesses have filled the first weeks of the new year with some notable family names being sullied. William Boston examines the implications of corruption allegations at a family business

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