Burned their unfortunate investments in finance, sovereign wealth funds of the Gulf rely now more on the glories of German industry. After the entrance to Abu Dhabi in the capital of Daimler (9.1), it is the turn of the Emirate of the Qatar spend some EUR 7 billion to be associated with the takeover of Porsche by Volkswagen and become the third shareholder of the European champion.
The Qatar Holding Fund, thereby untied a very agitated politico-economic-family saga, will return 10 of the shares of Porsche shareholders family Porsche and Piëch, and the majority of the options still holds the stuttgartois securities Volkswagen constructor. Porsche sought last year take control of the Wolfsburg constructor, via an opaque set of options, but it is burnt fingers. Can no longer bear the weight of its debt, which is roughly 10 billion euros, Porsche had to consent to move under Pavilion Volkswagen.
In practical terms, to conserve its financial structure, Volkswagen will buy this year that 42 of Porsche AG, the operational structure of its prey, for EUR 3.3 billion, total fusion intervening only in 2011, in all probability. It will also purchase distribution of Porsche, located in Austria society, by paying approximately EUR 3 billion. Because its financial situation is really very degraded, Porsche will also have to issue new shares ordinary and préférentielles and the Qatar obtained a line of credit of EUR 265 million as a loan unionized involving 16 banks. The redemption of its options on the Volkswagen titles should release 1 billion euros of liquidity so far blocked as guarantee from banks.
Conquer the US market
The Qatar, who also negotiated the construction of a centre of research and development on its soil, should hold between 17 and 20 of the capital of the new structure that will integrate Volkswagen and Porsche. It will be the third shareholder, behind the Porsche and Piëch families (between 35 and 39) and the Land of Lower Saxony, which was careful to maintain its blocking minority and its representatives to the Supervisory Board.
On the stock market, the presentation of this new scheme brought Volkswagen titles. The preferred action dropped 5.8 to 56,64 EUR: VW is going to issue new (without vote) during the first half of 2010, to the tune of EUR 4 billion. The ordinary action has finished down 15.6, 190,70 EUR, after losing up to 27 in the meeting: the speculative premium related to uncertainty about the fate of the options held by Porsche faded. Because of the attack of Porsche, VW action, totally survalorisée, was usual, these last months, very brusques oscillations in Frankfurt. Porsche preferred action, it rose by 8.7, to EUR 48.50, market being surprised by the strong recovery of society induced by the transaction with Volkswagen.
The pattern of Volkswagen, Martin Winterkorn, winner grand case, now displays a clear ambition: delight the rank of world number one at Toyota by 2018. To do this, the new group will have to get power on the US market, where it does not currently sell only 300,000 vehicles per year. Next year will be released in the United States the first car designed for American drivers.
Martin Winterkorn expects the merger improved operating result EUR 700 million. Cost synergies should appear as early as next year. Employees must not fear of dismissal, either in Porsche or VW. They should have between 1 and 5 of the capital of the new set.
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