Key Developments: Porsche Automobil Holding SE (POAHF.PK)
80.77USD
23 May 2013
$-1.63 (-1.98%)
$82.40
$80.74
$80.77
$80.37
331
495
$90.60
$47.05
Latest Key Developments (Source: Significant Developments)
Porsche Automobil Holding SE to Propose FY 2012 Dividend
Porsche Automobil Holding SE announced that its Executive Board and Supervisory Board plan to propose to the Annual General Meeting on April 30, 2013 to increase the fiscal year 2012 dividend to EUR 2.010 per preference share (prior fiscal year 2011: EUR 0.760) and to EUR 2.004 per ordinary share (prior fiscal year 2011: EUR 0.754). A total of around EUR 614,643,750 of Porsche SE's net profit available for distribution in the fiscal year 2012 of EUR 744,180,474 is to be distributed. Full Article
Porsche Automobil Holding SE and Plaintiffs Enter Agreement
Porsche Automobil Holding SE announced that the Plaintiffs' litigation against Porsche SE in the New York State Supreme Court ('Plaintiffs') have entered into an agreement terminating all proceedings before that court. Plaintiffs have agreed to waive any appeal of the decision of the Appellate Division of the New York State Supreme Court dismissing their complaints, and Porsche SE has agreed not to raise any statute of limitations defense with respect to claims filed by Plaintiffs before a court in Germany within 90 days. Notwithstanding the above, Porsche SE believes that the asserted claims would be without merit. Full Article
Appellate Division of New York State Supreme Court Reverses New York State Supreme Court's Denial of Porsche SE's Motion
Porsche Automobil Holding SE (Porsche SE) announced that the Appellate Division of the New York State Supreme Court has reversed the New York State Supreme Court's denial of Porsche SE's motion seeking dismissal of the hedge funds' U.S. lawsuits. Twenty-six hedge funds allege fraud and unjust enrichment arising out of Porsche SE's transactions with respect to Volkswagen shares in 2008. The hedge funds seek total damages of more than USD 1.4 billion. The Appellate Division of the New York State Supreme Court held that New York is not an appropriate forum for the resolution of the hedge funds' claims. Plaintiffs have 30 days to file an appeal to the New York State Court of Appeals, the highest court of the State of New York. Full Article
Porsche Automobil Holding SE To Use Bulk Of Cash For Acquisitions-Reuters
Reuters reported that Porsche Automobil Holding SE plans to use the bulk of its EUR2.59 billion ($3.34 billion) in net cash for strategic acquisitions rather than return it to shareholders. Full Article
Porsche Automobil Holding SE Being Sued For EUR213 Million In Damages-Reuters
Reuters reported that The holding company of German carmaker Porsche Automobil Holding SE has received a fresh lawsuit linked to its 2008 attempt to take over Volkswagen, a EUR213 million ($275 million) claim from the family of a deceased industrialist. Full Article
New York State Supreme Court Denies Motion Seeking Dismissal of Hedge Funds' United States Lawsuits Against Porsche Automobil Holding SE
Porsche Automobil Holding SE (Porsche SE) announced that the New York State Supreme Court denied Company’s motions for summary judgment and to dismiss the lawsuits brought by 26 hedge funds alleging fraud and unjust enrichment arising out of Porsche SE's transactions in Volkswagen shares in 2008. The hedge funds seek total damages of more than USD 1.4 billion. The hedge funds brought claims in the New York State Supreme Court after the December 30, 2010 dismissal by a New York federal court (the United States District Court for the Southern District of New York) of a securities fraud action against Porsche SE by these same hedge funds. The hedge funds' appeal of the federal court's decision is ongoing. Porsche SE continues to believe that the hedge funds' lawsuits are without factual and legal merit. Under New York State Supreme Court procedural rules, the Court assumed the truth of the hedge funds' allegations without ruling on the merits of their claims. Porsche SE also continues to maintain that the New York Supreme Court is not an appropriate forum for the resolution of the hedge funds' alleged claims, and that their claims should be heard in Germany, where several of these funds have brought claims against Porsche SE. Porsche SE intends to appeal the New York State Supreme Court's decision to the Appellate Division of the New York State Supreme Court. Full Article
Volkswagen AG To Buy Rest Of Porsche Automobil Holding SE's Sports-Car Business-WSJ
The Wall Street Journal reported that Volkswagen AG has reached an agreement to acquire the rest of the Porsche Automobil Holding SE's sports-car business it doesn't own. Under the plan, Volkswagen will pay Porsche Automobil Holding SE, the holding company that owns the majority of storied German sports-car maker Porsche AG EUR4.46 billion ($5.59 billion) in cash, plus one ordinary share in Volkswagen, in exchange for the remaining 50.1% of the sports-car operations. The two German companies said they expected to finalize the takeover agreement on August 1. Volkswagen's initial plan called for Volkswagen to merge with Porsche SE. But that was shelved after lawsuits filed by dozens of hedge-fund managers seeking billions of dollars in damages from Porsche. Under the current agreement, Volkswagen will instead take over Porsche's sports-car operations, leaving Porsche SE a stand-alone holding company albeit one that will continue to own a 32.2% stake in Volkswagen. Porsche SE, of which the Porsche and Piech families control 90%, said it would use the proceeds from the deal to repay some EUR2 billion in bank loans. Full Article
Porsche Automobil Holding SE's Plaintiffs Suffer Setback To $5 Billion Claims-Reuters
Reuters reported that investors suing Porsche Automobil Holding SE over its botched 2008 takeover of Volkswagen suffered a setback to claims for more than EUR4 billion ($4.99 billion) of damages as German court hearings on June 27, 2012, exposed initial cases as sketchy. Swiss investment company My Capital-MC and a German private investor, seeking compensation for EUR4.7 million of losses from short-selling VW shares in a bet that the price would fall, have yet to convince German judges of Porsche's wrongdoings. 'There are high hurdles' to prove that the sports car manufacturer violated legal standards defined by Germany's top civil court, said judge Stefan Puhle after three hours of hearings at the regional court in Brunswick, northern Germany. 'This is a tough act to prove', Puhle added, pointing out that one of the two claimants even failed to adequately explain the level of damages claims. The Brunswick court has scheduled a ruling on both cases for September 19. Hearings on three other lawsuits, including a case brought by Elliott Associates and other U.S. investment funds for EUR2 billion in damages, have yet to be scheduled. Full Article
Porsche Automobil Holding SE To Sell Sportscar Unit To Volkswagen AG-DJ
Dow Jones reported that Porsche Automobil Holding SE wants to complete the sale of the remaining 50.1% stake in its sportscar business to Volkswagen AG as fast as possible once all examinations have been finalized and dismissed allegations by politicians that a tax-free deal before August 2014 would be disadvantageous for German tax payers. Porsche can sell the stake tax-free to Volkswagen in August 2014 by exercising a call option, but Winterkorn noted waiting that long 'doesn't help anyone involved'. VW already owns a 49.9% stake in Porsche's sportscar business and wants to take over the remaining 50.1% to leverage more economies of scale after the plan for a fully-fledged merger including Porsche's holding firm had to be abandoned last year due to legal obstacles. Full Article
Volkswagen AG Said Close On Deal To Buy Remaining Porsche Automobil Holding SE Stake-DJ
Dow Jones reported that Volkswagen AG to be close to deal in which it would buy out the 50.1% stake in Porsche Automobil Holding SE that it doesn't already own, Bloomberg News reported. The companies have been in talks for more than two years on completing a full merger. Full Article
Ford Crown Victoria, Porsche 911, Dodge Viper probed by NHTSA
- Older model Ford Crown Victoria police cars, Porsche 911 and Dodge Viper sports cars are the focus of three separate defect investigations by safety regulators, the National Highway Traffic Safety Administration said on Tuesday.
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