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Search resuls for: "Wolfgang Porsche"


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"The major shareholders are certainly not the reason for the poor valuation of the share," Wolfgang Porsche, who leads the supervisory boards of both Porsche SE (PSHG_p.DE) and Porsche AG, told Reuters on the sidelines of the IAA car show in Munich. The Porsche and Piech families essentially control Volkswagen via their holding firm Porsche SE, which holds most of the voting rights in the Wolfsburg-based carmaker. "We have to get an even better grip on performance and costs," Porsche, 80, said, adding Volkswagen had to become more competitive. With a view to its competitors, the group could not assume that it would be able to avoid cutting costs, Porsche, who also sits on Volkswagen's supervisory board, said. Regarding the families' closely-watched succession planning, Porsche said that his nephew, Ferdinand Oliver Porsche, who also sits on the supervisory boards of Volkswagen, Porsche SE and Porsche AG, was a natural future successor were he to step down.
Persons: Wolfgang Porsche, Ferdinand Porsche, Oliver Blume, Oliver Blume hasn't, Ferdinand Oliver Porsche, Porsche, Jan Schwartz, Christoph Steitz, Mike Harrison Organizations: Porsche, Porsche AG, Reuters, IAA, Volkswagen, Thomson Locations: MUNICH, Munich, Wolfsburg
About a dozen protestors reportedly created chaos at Volkswagen Groups annual meeting on Wednesday. One protestor threw what appeared to be a cake at a board member's head. The Associated Press reported that the pastry was thrown in the direction of Wolfgang Porsche, the chairman of Volkswagen Group's majority shareholder, Porsche SE. But recordings of the moment, uploaded to YouTube from news outlets including The Guardian, show VW Group chairman Hans Dieter Poetsch dodging remnants of the pastry that flew in his direction. A Reuters video from the event shows the protestors being led out of the meeting by security.
[1/3] Oliver Blume, Chairman of the Board of Management of Volkswagen AG and Dr. Ing. He did not mention the company's Xinjiang plant in China, a joint venture with SAIC Motor (600104.SS), which has become a sore point for human rights activists as well as some shareholders, including top-20 investors Deka Investment and Union Investment. "Volkswagen must be certain that its supply chains are clean," said Ingo Speich, head of sustainability and corporate governance at Deka. Volkswagen's China chief visited the plant in Xinjiang earlier this year and said he saw no evidence of forced labour. Shareholders flagged rising competition from Chinese EV competitors in China, with BYD (002594.SZ) outselling Volkswagen as the top passenger car brand earlier this year.
The long, winding road to Volkswagen's Porsche IPO
  + stars: | 2022-09-29 | by ( ) www.reuters.com   time to read: +5 min
October - Porsche SE says it holds stock and options that give it control of 74% of Volkswagen's votes and announces plans for a "domination" agreement. 2012July - Volkswagen agrees to buy the remaining 50.1% stake in Porsche AG from Porsche SE for about 4.5 billion euros. Porsche AG, the carmaker, is now fully owned by Volkswagen AG, while Porsche SE, which is controlled by the Porsche and Piech families, is Volkswagen's largest shareholder and holds a majority of voting rights. 2022February - Volkswagen and Porsche SE say they are examining a possible initial public offering of Porsche AG, under a proposed structure that would give Porsche SE a blocking minority in the eponymous carmaker. On Sept. 29, shares in Porsche AG start trading on the Frankfurt stock exchange at 84 euros apiece, above the issue price of 82.5 euros.
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