Report: German auto maker Porsche near deal with Volkswagen

July 11th, 2009 Report: Volkswagen raises bid for PorscheSTUTTGART, Germany — Volkswagen AG has increased its offer to take a 49.9 percent stake in troubled sports car maker Porsche to more than euro4 billion ($5.56 billion), according to a media report Saturday. German weekly Der Spiegel reported the latest VW offer reflected an increase of roughly euro1 billion ($1.39 billion), as compared to a previous bid that was rejected by Stuttgart-based Porsche.

July 23rd, 2009 VW to pursue deal with PorscheSTUTTGART, Germany — Volkswagen AG says it will pursue an eventual combination with Porsche but vows the sports car maker will not lose its independence. Wolfsburg-based Volkswagen says its supervisory board, the German equivalent to a U.S.

July 23rd, 2009 Volkswagen presents concept to merge with PorscheSTUTTGART, Germany — Volkswagen AG says it has agreed to a concept that would see it merge with Porsche Automobil Holding SE, but vows the sports car maker not lose its independence. In a statement the Wolfsburg-based automaker says its supervisory board, the German equivalent to a U.S.

June 30th, 2009 Porsche denied credit demand, Qatar eyes stakeSTUTTGART, Germany — Porsche said Tuesday that a state-owned German development bank has rejected its application for euro1.75 billion ($2.46 billion) in credit, but that a Qatar investment fund has offered to buy a stake in the sports car maker. Porsche Automobil Holding SE said the KfW bank had rejected the application.

July 23rd, 2009 VW presents concept to merge with PorscheSTUTTGART, Germany — Volkswagen AG said Thursday it will pursue an eventual merger with Porsche SE under VW's leadership, vowing the luxury sports car maker will retain its independence. The Wolfsburg-based automaker, Europe's biggest by sales, said that its supervisory board, the German equivalent to a U.S.

June 29th, 2009 Porsche rejects VW offerSTUTTGART, Germany — Porsche has rejected Volkswagen AG's bid to take a 49 percent stake in the sports carmaker, a company spokesman said Monday. Porsche Automobil Holding SE spokesman Albrecht Bamler said the offer by VW "is not a viable option." According to Bamler, Porsche board chairman Wolfgang Porsche received the offer in a letter by courier last week.

July 23rd, 2009 Timeline in Porsche, Volkswagen sagaA look at the timeline beginning with Porsche SE's decision to acquire a majority stake in Volkswagen and, ultimately, leading to Thursday's announcement that chief executive Wendelin Wiedeking stepped down and VW's plan to merge with the sports car maker. September 2005: Porsche announces plans to buy a 20 percent stake in Volkswagen AG.

May 7th, 2009 STUTTGART - Owners of the German sports car maker Porsche announced plans Wednesday for merging with the Volkswagen group into what is to be an 'integrated car concern', the final structure of which still has to be worked out. In a disclosure by the family stakeholders of the Porsche-Holding company which owns the carmaker, the future concern consist of 10 independent brands, including the Porsche brand.

July 23rd, 2009 Porsche's failed plan to acquire VWSTUTTGART, Germany — Porsche Automobil Holding SE started out with the goal of acquiring much larger Volkswagen AG but in the process got upended by the financial crisis — and now finds its sports car business about to be put under VW's umbrella in a merger. — How did this happen? Highly profitable Porsche moved on Volkswagen AG, Europe's biggest car company by sales, led by Chief Executive Wendelin Wiedeking.

July 23rd, 2009 Porsche CEO steps down, making way for VW mergerSTUTTGART, Germany — Porsche chief executive Wendelin Wiedeking is leaving the luxury sports car maker after 16 years at the helm, a move widely expected to clear the way for a merger with Volkswagen AG. The board for Porsche Automobil Holding SE said Thursday that Wiedeking, 56, and chief financial officer Holger Haerter, 53, were leaving with immediate effect from the heavily indebted company that makes the 911, among other models.

July 23rd, 2009 VW plans merger with PorscheSTUTTGART, Germany — The best thing Volkswagen AG can do when it carries through its proposed merger with Porsche is this: Leave Porsche alone and reap the revenue from a glossy brand with loyal, rich customers, analysts say. Having emerged Thursday atop a power struggle among members of the Piech and Porsche families — who control Porsche Autombil Holding SE — and cost Wendelin Wiedeking his job as chief executive, Volkswagen is left to gather the spoils, namely the marquee Porsche name that will soon be counted with Audi, Bentley and Lamborghini, already among its stable of luxury brands.

September 17th, 2009 Russian automaker to get GM technology from OpelDETROIT — Last week's deal for General Motors to give up control of its money-losing Opel unit has a big downside: If the deal goes through, Russian automaker GAZ will get its hands on GM technology. Worse yet, GAZ, with cars that are light years behind most global automakers in quality as well as engines, transmissions and other technology, is likely to use what it gets from GM to compete against the Detroit automaker's Chevrolet brand in Russia.

August 22nd, 2009 TORONTO - Swedish telecom major Ericsson, whose acquisition of Nortel's wireless business here last month has been challenged by BlackBerry maker Research In Motion (RIM) and Canadian opposition parties, says it is still in the dark about the fate of the deal. Ericsson was the highest bidder at $1.13 billion at last month's court supervised auction of Nortel's wireless division.

June 20th, 2009 Nokia Siemens buys Nortel in $650 million dealHELSINKI — Nokia Siemens Networks said Saturday it will buy Canadian-based Nortel Networks in a $650 million (€465 million) deal. "Nokia Siemens Networks has taken a significant step towards strengthening its leadership in Long Term Evolution, or LTE, next generation wireless technology and expanding its market presence in North America," Nokia Siemens said.

August 26th, 2009 Yingli Green signs supply deal with CTP InvestWASHINGTON — Solar cell maker Yingli Green Energy Holding Co. and CTP Invest spol, a Czech-based commercial property developer have signed a supply agreement.