http://www.maxauto.co.za/CntView.aspx?CatID=26&CntID=814
The wheels are rolling towards either a merger or a buyout between Volkswagen AG and Dr. Ing. h.c. F. Porsche AG. The two companies are in agreement that VW will buy a shareholding of 42% in Porsche AG for about €3.3 billion, the 100% subsidiary of Porsche SE using cash. The amount is based on the enterprise value of Porsche AG which is €12.4 billion. There will be a cash capital increase of VW AG during the first half of 2010 when new preference shares are issued. Such a transaction will be approved by Porsche SE.
Both entities hope to have engineered a full merger by 2011 if such a move is approved by the regulatory authorities. If not then VW will exercise an option in their agreement to buy out the remaining shares in Porsche AG for a complete takeover. The State of Lower Saxony will reserve the right to appoint two members of the supervisory board as well as to maintain an ordinary shareholding of at least 15% in Volkswagen.
These new proposals may finally put an end to the saga of Porsche and VW which culminated in the "smaller" entity almost buying the bigger one. Now the roles are reversed following the departure last month of former Porsche CEO Dr. Wendelin Wiedeking and his Chief Financial Officer.
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BMW E92/90 M3 GTS3 Limited Edition by Vorsteiner
http://www.maxauto.co.za/CntView.aspx?CatID=26&CntID=815
Vorsteiner has unveiled their new GTS3 styling package for the BMW E90/E92 M3.
Consisting of a new front bumper and hood, the package gives M3s an aggressive appearance without being overly garish. The bumper has an expanded center air intake, a downward extension (that lowers the car visually), redesigned side air vents, and a replaceable one-piece carbon fiber front splitter. Options include carbon fiber construction, "dry vacuumed woven plastic" construction, and a two-piece carbon fiber front splitter.
Available exclusively for the E92 M3, the GTS3 hood features dual air vents, a "power dome", tighter lines, and rolled carbon fiber edges. Like the bumper, the hood can also be ordered with carbon fiber construction (single or dual sided).
Pricing information wasn't released, but style as good as this rarely comes cheap.
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Opel deal 'not imminent'
http://www.maxauto.co.za/CntView.aspx?CatID=26&CntID=816
General Motors and the German government played down hopes on Friday of a quick decision on the sale of the carmaker's Opel unit, and Berlin reiterated its support for Canadian bidder Magna.
German Chancellor Angela Merkel, speaking at a news conference with Russian President Dmitry Medvedev in the Black Sea resort of Sochi, said talks on Opel's future had reached a decisive phase but reaching a quick deal would be tough.
"Such negotiations are sometimes difficult and you need patience," Merkel said. "Therefore I am not able to say today when they will be concluded - we would like this to be as soon as possible."
She reiterated her support for a bid from Magna, an auto parts group whose bid is backed by Russian investors.
GM's top negotiator for the sale, John Smith, said his company still needed to compare a new offer it received from Magna on Thursday with an "attractive proposal" from rival bidder, Belgium-based financial investor RHJ.
Although Germany has made clear it is up to GM to decide the victor in the bidding showdown, Berlin is being asked to cough up billions of euros in finance guarantees to the winner and so it wields considerable influence.
Some GM executives are believed to favour the RHJ offer over Magna's but Berlin, the four German states where Opel has plants and Opel unions all favour Magna.
State aid
GM's Smith said on a blog that the US carmaker was awaiting input about what state aid it could expect from European countries that host Opel plants before management presents its findings to GM's board of directors next week.
"After the GM board makes its recommendation, the Opel Trust Board will be asked for its approval. So, there is more to consider, and more to do, before an agreement for Opel is reached," Smith said.
A spokesman for the German Economy Ministry confirmed that the government's Opel task force would meet on Monday to examine the offers from Magna and RHJ, but was vague about when decisions could come.
"It is primarily up to GM to evaluate the offers," Steffen Moritz said at a news conference. "We will look at the contracts but I can't say when this process will be finalised."
Hopes for a swift deal between Magna and GM grew on Thursday when the Canadian company said that it had reached an agreement in principle with GM management over a contract to buy 55% of Opel, together with Russian partner Sberbank.
But Smith said GM had not reached an agreement with Magna.
Merkel said GM, Berlin, the state governments and other European governments would need to come to a decision together.
"No one can decide anything without the other, so there is a need to come to an agreement," she said.
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GMSA head retires
http://www.maxauto.co.za/CntView.aspx?CatID=26&CntID=817President and managing director of General Motors South Africa (GMSA) and African Operations Steve Koch is set to retire to return to the United States, the company said on Friday.
"Steve spent the last two decades of his 40-year career operating outside the United States, and will take advantage of the current provisions offered under the special retirement window in North America to reconnect with family back home," said Nick Reilly, executive vice president of General Motors International Operations.
Koch's retirement would become effective on October 1.
He began his career in the automobile industry in 1969 and became president of GMSA in July 2007.
"Steve's replacement will be announced at a later stage," GMSA said.
General Motors recently restructured its operations into two regions, North America (including the US, Canada and Mexico) and GM International Operations (GMIO), which includes all operations outside North America.
Based in Shanghai, China, GMIO will be operational from 1 September. GMSA will be included in this new structure.
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Gemballa updates GT600 AERO 3 kit for Cayenne
http://www.maxauto.co.za/CntView.aspx?CatID=26&CntID=818
German tuner Gemballa has expanded its GT600 AERO 3 Sport Design Kit for the 957 Porsche Cayenne Turbo.
New options include a Magic White paint color and headlamps in a Black Magic design. There is also a slew of "Gunmetal"-styled cosmetic options such as the carbon window frames, "powder-coated" mesh grill, carbon mirror frames and doorhandles, and the powder-coated wheels too. Finally, there's the black wheel bolts in a plasma coating.
The standard AERO 3 sport design kit, previously done for the 955 Cayenne Turbo, is now updated to fit the 957. The core elements of which are the engine kit for a 600 hp output, electronic suspension-lowering, sport exhaust, 22-inch Gemballa Racing wheels as well as the in-house (Gemballa) brake system.
The kit also comes with its own optics features such as the GT-styled bonnet and a logo kit. On the inside is an interior design kit and SPC seats for the front.
Pricing for the new options was not made available.
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