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Shareholders approve rights issue at Porsche

December 1, 2010

Porsche SE shareholders voted in favour of a €5 billion rights issue on 30 November that is designed to reduce the niche sports carmaker’s debt ahead of its merger with Volkswagen next year.

Porsche SE shareholders voted in favour of a €5 billion rights issue on 30 November that is designed to reduce the niche sports carmaker's debt ahead of its merger with Volkswagen next year.

Nearly 90% of the company's common shareholders voted in favour of the rights issue, which Porsche hopes will be completed by May 2011.

Porsche SE returns to profit

November 30, 2010

Porsche Automobile Holding SE, the family-controlled parent company of the carmaker Porsche, announced 29 November that it has returned to profit for the first three months of its fiscal year.

In a statement, Porsche said it has generated a net profit of €155 million for the three months from 1 August 2010, compared with a loss of €413 million for the same period in 2009.

Porsche looks for shareholder approval at AGM

November 29, 2010

Porsche, the family-controlled car company, is hoping to gain approval for a €5 billion rights issue at its annual general meeting held 30 November.

The rights issue is aimed at cutting the company's huge debt pile in order to smooth the way for the next stages of its merger with Volkswagen, the carmaker that is controlled by a rival branch of the founding Porsche family.

Piëch wants Alfa Romeo to add to family brands

October 1, 2010

Ferdinand Piëch, Volkswagen’s chairman and grandson of Ferdinand Porsche, said he would be keen to acquire Alfa Romeo, one of Europe’s most famed car brands which is owned by Fiat.

Ferdinand Piëch, Volkswagen's chairman and grandson of Ferdinand Porsche, said he would be keen to acquire Alfa Romeo, one of Europe's most famed car brands which is owned by Fiat.

Piech (pictured), speaking at the Paris motor show, said VW would be "interested in taking over Alfa Romeo" to add to the 10 marques the carmaker already owns.

Sergio Marchionne, Fiat's chief executive, responded by saying: "None of our cars are up for sale."

M&A: Families on the front foot as recovery boosts M&A activiy

August 26, 2010

Marc Smith analyses the trends

Just a few years ago they were analogous to the gluttonous charicatures in a Hogarth painting, but M&A deals have been on the equivalent of a corporate Atkins diet of late.

The biggest deal this year involves a family-controlled Indian business in the telecommunications sector with a price tag of $11 billion.

In sharp contrast, when we last covered the family business M&A story in the summer of 2007, the largest deal was a joint $96 billion bid for ABN Amro by the Botin family-controlled Santander group in partnership with RBS and Fortis.

M&A: Top family businesses M&A deals 2010

August 25, 2010

The M&A market has been transformed over the last few years as the mega deals of the boom years have given way to more modest strategic transactions. Here are the year's largest M&A deals involving family firms

01 $11 billion Reliance Infratel's merger with GTL Infrastructure

VW drives home advantage with stellar results

July 30, 2010

VW, the family-controlled automaker, continues to outpace Porsche, its smaller rival owned by a different branch of the same family, ahead of their proposed merger next year.

VW announced its results for H1 2010, the highlight being profits after tax of €1.8 billion. The Germany-based company, Europe's largest automobile manufacturer, also increased its global market share to 12%.

VW takes majority share in family-owned design firm

May 26, 2010

Volkswagen AG, the family-controlled car manufacturer, announced yesterday it is to take a 90.1% stake in the family-owned design and development company Italdesign Giugiaro.

Volkswagen AG, the family-controlled car manufacturer, announced yesterday it is to take a 90.1% stake in the family-owned design and development company Italdesign Giugiaro.

Financial terms of the deal were not disclosed, however VW said it would acquire the share from Italdesign's current family owners, the Giugiaro family, through its Lamborghini brand. The founding family will retain the remaining shares.

Lawsuit against Porsche gains momentum

April 30, 2010

The number of hedge funds suing family-controlled automaker Porsche for market manipulation and fraud in 2008 has risen to 35.

The plaintiffs released a joint statement yesterday stating 18 new hedge funds had joined the litigation against Porsche Automobile Holding SE and two former executives, Wendelin Wiedeking and Holger Haerter, accusing them of lying over their intentions towards Volkswagen.

Porsche family member retires from board of family company

February 1, 2010

Hans Peter Porsche, third-generation family member of the founding Porsche family, retired from the supervisory board of the family business on Friday.

He is to be replaced by Sheikh Jassim Bin Abdulaziz Bin Jassim Al-Thani, a representative of Qatar Holdings, the Doha-based investment company that owns a 10% stake in Porsche.