Porsche chief Wendelin Wiedeking will set out a roadmap for the takeover Volkswagen at its financial press conference this week on Wednesday, and may give forecasts for the current year.
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Porsche currently holds 42.6% of the ordinary shares in the vehicle manufacturer and slightly fewer than 31.5% in the form of short options. It is not clear whether it will raise its shareholding to more than 50% this year as originally planned.
Wiedeking has always said that the financial conditions for a takeover must be right. That includes the fact that the share price must not be too high. At the end of October VW shares shot up to more than 1,000 euros, but at the end of last week the price stood at 365 euros.
Porsche has said it will aim to increase its shareholding to 75% during 2009 and that it would then seek a domination and profit transfer agreement. This would mean that the most important decisions regarding the company would no longer be made by the Volkswagen supervisory board but by the Porsche Holding board. Porsche could then appoint board members, decide on new models and which plants would get those models. It would also receive all the profits.
According to Automobilwoche, it is not clear how much information Porsche will divulge about its current business, given the current slowdown in sales. Porsche delivered its best financial result ever in the financial year ending 31st July, thanks to successful trading in VW stock. But Porsche has not been making nearly so much money from selling cars, and the company has already announced that it will not achieve any growth on last year’s sales volume of 98,652 cars.
