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March 22, 2018

Nordstrom ends talks with founding family, Porsche put next-gen in the driver's seat, and Ofers divide assets to avoid competition law

Nordstrom ends talks with founding family

Nordstrom have ended discussions with its founding family over re-privatising the business, following 10 months of negotiations.

The fashion retailer had appointed a committee to negotiate with the family—who own just over 30%—on behalf of shareholders, but the parties had been unable to reach an agreement and this week Nordstrom announced it had “terminated” discussions.

December 5, 2014

Volkswagen Group, the world's second biggest carmaker and Germany’s largest family business, is mulling an entry into Formula One, sources say.

Volkswagen Group, the world's second biggest carmaker and Germany’s largest family business, is mulling an entry into Formula One, sources say.

Last month its rival, fellow German carmaker Mercedes, took out the championship at the Abu Dhabi Grand Prix, with its drivers Lewis Hamilton and Nico Rosberg taking out first and second place respectively for the season, which runs from March until November.

March 18, 2014

A court in Stuttgart, Germany, has dismissed a lawsuit brought against Porsche SE – the investment company that controls the eponymous German carmaker – by a group of hedge funds seeking €1.4 billion in damages. 

A court in Stuttgart, Germany, has dismissed a lawsuit brought against Porsche SE – the investment company that controls the eponymous German carmaker – by a group of hedge funds seeking €1.4 billion in damages.

The hedge funds claimed Porsche mislead the markets back in 2008 over its takeover plans for rival German car brand Volkswagen.

The Piech and Porsche families, who are descendants of Ferdinand Porsche, the carmaker's founder, control Porsche SE.

February 4, 2014

A €1.8 billion lawsuit filed by seven hedge funds against family business third-gens Wolfgang Porsche and Ferdinand Piëch for alleged market manipulation is without merit, according to Porsche – the family-controlled German car company.

A €1.8 billion lawsuit filed by seven hedge funds against family business third-gens Wolfgang Porsche and Ferdinand Piëch for alleged market manipulation is without merit, according to Porsche – the family-controlled German car company.

The group, including US hedge fund Elliot Associates, has initiated a civil case against the third-gens, grandsons of company founder Ferdinand Porsche, at Frankfurt’s regional court.

September 10, 2013

Volkswagen chairman, Ferdinand Piech, 76, has refuted speculation he is soon to step down due to poor health and has said he will serve out the rest of his contract.

Volkswagen chairman, Ferdinand Piech, 76, has refuted speculation he is soon to step down due to poor health and has said he will serve out the rest of his contract.

He made the statement to reporters at the Frankfurt car show in response to reports last week that company chief executive Martin Winterkorn was soon to takeover.

Piech’s contract, extended last year, runs into 2017.

It was rumoured that Volkswagen finance chief Hans Dieter Poetsch would replace Winterkorn until a longer-term solution was found.

July 10, 2013

Sports car manufacturer Porsche, controlled by the eponymous founding family, has announced it will sponsor a new family business post at German business school HHL Leipzig.

Sports car manufacturer Porsche, controlled by the eponymous founding family, has announced it will sponsor a new family business post at German business school HHL Leipzig.

Dr Stephan Stubner will be the first person to hold the chair of strategic management and family business position – which Porsche has committed to sponsor for an initial period of five years.

The company said the aim of the post was to offer scientifically-founded solutions to the issues faced by entrepreneurs and family businesses.

July 3, 2013

The names Piech and Porsche have been synonymous with classic automobile design ever since family patriarch Ferdinand Porsche founded the brand. CampdenFB takes a look at the roots of this famous car dynasty.

The names Piech and Porsche have been synonymous with classic German automobile design ever since family patriarch Ferdinand Porsche founded his eponymous brand in the early 20th century. CampdenFB takes a look at the roots of this famous car dynasty.

June 7, 2013

Porsche, one of Germany's most famous family businesses, is celebrating the 50th anniversary of its iconic 911 model with a new, limited edition of the car.

Porsche, one of Germany's most famous family businesses, is celebrating the 50th anniversary of its iconic 911 model with a new, limited edition of the car.

The new 911 coupe features a flat-six rear engine and rear wheel drive and goes from zero to 100 kilometres per hour in just 4.5 seconds – only 1,963 models will be made, to represent the year of the 911's launch.

July 5, 2012

After months of analysis and speculation, shares of family-controlled carmaker Porsche will be integrated into the Volkswagen Group, in a move that will boost VW’s results by almost €10 billion.

After months of analysis and speculation, shares of family-controlled carmaker Porsche will be integrated into the Volkswagen Group, in a move that will boost VW’s results by almost €10 billion.

In a statement issued on 4 July, Germany company VW said it will pay the Porsche holding company €4.46 billion and one ordinary share of VW in return for the 50.1% stake in Porsche it doesn’t already own.

Following the integration – to be completed by 1 August – VW will own 100% of Porsche.

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