June 30, 2009 / 1:06 PM / 10 years ago

TIMELINE-Qatar, Porsche and Volkswagen

June 30 (Reuters) - Qatar has made an offer to the Porsche and Piech families that could help solve the financial problems of Porsche SE (PSHG_p.DE), the automotive holding that controls Volkswagen. (VOWG.DE) [ID:nLT10323]

Below is a timeline of Porsche’s overtures to VW:

Sept. 25, 2005 - Porsche says it plans to buy a stake of about 20 percent in VW. Three days later it emerges with a 10.3 percent voting stake, subsequently increased with the use of forward-rate agreements that form the backbone of its plans to increase its holding.

Aug. 2, 2006 - Porsche Chief Executive Wendelin Wiedeking first advocates the abolition of the ‘VW Law’ that caps voting rights in VW at 20 percent.

Nov. 15, 2006 - Porsche’s supervisory board authorises management to increase its VW stake to 29.9 percent, triggering speculation it plans to gain majority control.

April 30, 2007 - Porsche submits mandatory takeover offer after crossing 30 percent threshold.

Oct. 23, 2007 - European Court of Justice rules against VW Law.

March 3, 2008 - Porsche supervisory board gives go-ahead to raise its VW voting stake to over 50 percent.

Oct. 26, 2008 - Porsche says it holds stock and options that give it overall control of 74 percent of VW’s votes and announces plans for a “domination” agreement.

Jan. 5, 2009 - Porsche reveals it has raised its VW voting stake to 50.8 percent and confirms its plan to raise stake to 75 percent this year if conditions allow.

May 6, 2009 - Laden with debt, Porsche drops takeover plan and says it will pursue a merger.

May 12, 2009 - VW Chairman Ferdinand Piech names an ally, VW Chief Executive Martin Winterkorn, as his candidate to head the merged group, says that the HQ of the new group would be in Volkswagen’s home city of Wolfsburg and warns Porsche that it needs to get its 9 billion euro ($12.3 billion) debt under control before a deal could be agreed.

May 17, 2009 - VW halts tie-up talks with Porsche as it says its smaller peer and shareholder are not ready for a merger. Two days later Porsche and VW agree to work together again.

May 25, 2009 - Porsche confirms it received a 700 million euro ($980 million) loan from VW.

June 3, 2009 - Porsche asks the German government to extend a 1.75 billion euro ($2.5 billion) loan.

June 9, 2009 - Porsche starts talks with investment fund Qatar Investment Authority (QIA) to sell a stake in its automobile holding via a capital increase of unlisted common shares or by divesting its options for Volkswagen shares.

June 25, 2009 - Germany says says Porsche is free to submit a fresh application for state aid, while Porsche itself says it is working with state bank KfW to shape a new bid.

June 27, 2009 - Porsche accuses VW and its key shareholder Lower Saxony of extortion following a report in Der Spiegel magazine that VW and the regional state had demanded Porsche accept a tie-up. Volkswagen denies it presented Porsche with an ultimatum to accept its layout for a merger the next day.

June 29, 2009 - Qatar makes an offer of investment in Porsche SE and the purchase of options in Volkswagen. Media reported that the company still had to agree on the issue of the price that QIA would pay for the options for more than 20 percent of VW’s ordinary shares.

June 29, 2009 - Porsche SE said it would seek alternate ways of refinancing its debt after KfW officially rejected a 1.75 billion euro loan application.

Reporting by Christiaan Hetzner and Michael Shields; Additional writing by Carl Bagh; Editing by David Cutler, John Stonestreet

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