'The integrated group has what it takes to conquer the top position in the automotive world - and to keep it permanently, 'said the head of VW and the Porsche Holding Martin Winterkorn on Tuesday (November 30th) according to the speech at the Porsche general meeting in Stuttgart. First important step: The shareholders should agree to a planned capital increase of up to five billion euros.
Pay off debts with a capital increase
The measure should be completed by the end of May 2011. With the money, the mountain of debt of the parent company Porsche SE of around six billion euros is to be largely removed. This is an important prerequisite for the merger of Volkswagen and Porsche.
Winterkorn prepared the sports car manufacturer's shareholders for possible delays and difficulties in the envisaged car marriage. These include billions in damages suits in the United States and the as yet unresolved question of whether horrendously high taxes will be incurred for the merger. 'For this reason, the desired merger could possibly be delayed.'
In the auto industry, competition is getting tougher and the cost pressure is getting bigger, said Winterkorn. 'In view of these challenges, Porsche AG and the Volkswagen Group are moving closer together at exactly the right time.' It is good that the integrated automotive group is now taking on clear contours.
Porsche with more responsibility and a small SUV
The manager secured the Swabians at a works meeting one day before the general meeting in Stuttgart to be responsible for the sports car and the modular system for large luxury sedans such as the Panamera in the Volkswagen Group. The return to profitability of the Porsche holding company presented on Monday will also ensure a positive atmosphere at the sports car manufacturer's general meeting. The Porsche supervisory board also gave the green light for a fifth series in the evening. With the Cajun, the little brother of the Cayenne SUV, the Stuttgart-based company primarily wants to attract younger groups of buyers to their sporty SUVs.