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Porsche Secures 10 Billion Euros To Purchase Outstanding VW Shares

Agent009 submitted on 3/25/2009 Official Bell & Ross Timestamp: 3:00:11 PM

11 user comments | Category: Misc News | Source: | SOURCE: www.detnews.com

Porsche SE says it has secured a 10 billion euro loan from several

075em solid darkgreen ! important; font-weight: normal ! important; font-size: 100% ! important; text-decoration: underline ! important; padding-bottom: 1px ! important; color: darkgreen ! important; background-color: transparent ! important;" href="http://www.detnews.com/article/20090325/AUTO01/903250424/1148/rss25#" target="_blank" itxtdid="8301067">banks to help it pay for the shares of Volkswagen AG, to solidify its majority stake in Europe's biggest automaker by sales.

Stuttgart-based Porsche Automobil Holding SE says under the agreement, it can extend the volume of the amount to 12.5 billion euros ($16.8 billion).

The credit line is being guaranteed by a consortium of 15 banks including Barclays Capital, Deutsche Bank AG, BNP Paribas, Santander, UBS and Credit Suisse Group.

 



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Porsche Secures 10 Billion Euros To Purchase Outstanding VW Shares

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Agent009

"If everything seems under control, you're just not going fast enough."

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User Comments

theoptimisticpessimist

Porsche is becoming less and less a car company and more and more a hedge fund.

— theoptimisticpessimist (View Profile)

Posted on 3/25/2009 4:49:58 PM | reply to this comment | Votes: 2   

Agent009

More like securing your future. With a lot of the top tier suppliers going under, it is nice to own your own facilities. At least you can control your destiny that way.

— Agent009 (View Profile)

Posted on 3/26/2009 8:20:28 AM | | Votes: 2   

Htay7500

Goddamn, they getting that paper like crazy.

— Htay7500 (View Profile)

Posted on 3/25/2009 5:33:08 PM | reply to this comment | Votes: 1   

E36er

Buy your "real" 911's now before they all turn into VW derivatives.

— E36er (View Profile)

Posted on 3/26/2009 1:30:55 AM | reply to this comment | Votes: 1   

NItePhire

Well i guess this is one way to make your lineup get 35mpg before 2020

— NItePhire (View Profile)

Posted on 3/26/2009 4:26:06 AM | reply to this comment | Votes: 1   

mini22

You have to say Porsche has made some brilliant moves in buying VW. It allows them access to VW platforms both making R & D cheaper and faster to the market. Further the more VW grows the more money for Porsche. Perhaps once they completely own VW they should buy a weakened GM.

— mini22 (View Profile)

Posted on 3/26/2009 1:00:24 PM | reply to this comment | Votes: 2   

veyron1001

Nice joke about Porsche buying GM

— veyron1001 (View Profile)

Posted on 3/27/2009 8:50:40 AM | | Votes: 0   

Inline6

Well this is making the circle complete. Mr. Porsche designed the VW Beetle, Porsche used VW engines when it first started out. Now they will own VW.

— Inline6 (View Profile)

Posted on 3/27/2009 5:02:22 PM | reply to this comment | Votes: 1   

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