Volkswagen postpones takeover of Porsche

They may delay it but they cannot stop it! This is about Volkswagen’s takeover of Porsche and US lawsuits. The United States lawsuits carried by the pension funds may ‘postpone’ the takeover of Porsche by Volkswagen but they cannot stop the German carmaker Volkswagen from its plan of taking over the luxury German sportscar maker Porsche. Martin Winterkorn, Head of Volkswagen commented that they cannot rule out that the proceedings might take a little time until a final ruling is given out.  Winterkorn further added his opinion that for the aforesaid reason there might be a delay  in the company’s planned merger. He said it clearly that the integrated automotive group has been planned and it will happen the way it was planned by the company. Volkswagen had made a plan for the takeover of Porsche by next year. It has happened for the first time that that someone has uttered about the probable delay of this take over, added Winterkorn. This different kind of deal will see  Porsche's holding group owning shares in Volkswagen. The shareholders of Porsche will also be instructed for approving the capital raise of $6.95 billion value in the end of  November. Winterkorn also warned that certain tax hurdle is also likely to postpone this delay.

On the other side, Porsche is going through certain legal action by about thirty United States investment funds. These US funds claim that this German company has manipulated the stock market in the year 2008. The worth of the Volkswagen shares retained over $1,394 during the time and compelled certain investment funds for unwrapping certain contemplative positions in a quick manner. They have also sued for about 2 billion dollars in various harms and interest. On the other side, Porsche, the maker of sportscar denies all these charges and claims.

About this dismissal of charges by Porsche, Winterkorn commented that he looks upon the reaction as disagreeable and without value. He also added that all facts favour their company and that they have a much better position on this legal case. Earlier Porsche had made effort for buying Volkwagen but could not do so.

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