.. subcription
    .. rss channels
    .. press releases
    .. contacts


            july 19, 2019

.. in english  .. по-русски  .. latviski    

Busworld

CIBE 2019

LKW Walter

  .. sitemap ..


  .. publications ..


  .. news ..


  .. advertisement ..





LKW Walter Rus
VIA LATVIA
LKW Walter
 
  .. partners ..

Indiaexportnews.com

Volkswagen Supervisory Board approves contracts

  20.11.2009    

The Supervisory Board of Volkswagen took a further important step towards the creation of an integrated automotive group with Porsche at its meeting today when it approved the contracts of
implementation negotiated by all the parties which set out the details of the previously concluded
comprehensive agreement.
The Supervisory Board of Porsche Automobil Holding SE will also consult on the contracts of
implementation when it meets on Friday. These contracts specify the binding provisions
governing the organizational, structural and legal details of the union between the two
companies and the individual transaction steps. The multi-stage process is to culminate in the
merger of Volkswagen AG and Porsche SE during the course of 2011.
The next milestones are a 49.9 percent participation of Volkswagen in Porsche AG which is
planned for realization by the end of 2009, and the Extraordinary General Meeting of
Volkswagen AG on December 3, 2009, where the agenda includes a proposal to shareholders
to adopt a resolution authorizing the issue of new preferred shares. This allows the
Volkswagen Group to maintain its medium term financial flexibility while safeguarding its good
rating over the long term. At the same time, it would bring a marked increase in the number of
preferred shares in circulation, thereby significantly enhancing the liquidity of this class of
share to the benefit of shareholders.
The creation of an integrated automotive group with ten strong brands follows a compelling
industrial logic. It represents a unique opportunity for Volkswagen and is in the best interests
of all shareholders. Volkswagen will further expand its position as the leading global multibrand
group with the inclusion of Porsche AG and the automobile trading business of Porsche
Holding Salzburg.


.. search ..