AnimaTTor
10-12-2005, 10:13 AM
<center><img src="http://clabedan.typepad.com/photos/uncategorized/porsche_logo_2.jpg"></center><p>WOLFSBURG (AFX) - Volkswagen AG's strategy will not be impacted by Porsche AG's acquisition of a stake in the German carmaker, according to a presentation held today by VW's CEO Bernd Pischetsrieder and CFO Hans Dieter Poetsch.
'Porsche's investment has not and will not change Volkswagen's strategy,' Pischetsrieder said. 'And cooperation with third parties will not be affected.'
He said VW is not bound to one single manufacturer and may seek other partners in different market segments despite Porsche's stake buy.
Also, VW's model planning will not be affected by its cooperation with Porsche, Pischetsrieder said.
'We will not restrict our product programmes to avoid product competition with Porsche,' he said. 'And speculation that the Audi Quattro may be cancelled is simply not true.'
Porsche recently became VW's largest single shareholder by securing 18.53 pct of shares in the company.
The governing agreement, in which Porsche and VW are establishing the principles of their cooperation, will be finalised within the next couple of weeks, Pischetsrieder said.
VW still sees its pretax profit rising by 4 bln eur by 2008 from 1.099 bln eur in 2004.
Speaking with analysts during a conference call, Pischetrieder said VW is not planning to buy shares in Porsche because no voting shares are currently available and because 'Porsche's intention to become a technological partner of VW is much more important for Porsche than it is for VW'.
Meanwhile, CFO Poetsch rejected speculation that VW may sell treasury shares to Porsche to facilitate the stake build-up.
'Clearly issuing treasury shares for cash to one preferred shareholder is not possible,' Poetsch said. 'We could place the shares back on the market, but that would mean dealing with all shareholders equally.'<ul><li><a href="http://www.forbes.com/afxnewslimited/feeds/afx/2005/10/11/afx2269758.html">Source: Forbes</a></li></ul>
'Porsche's investment has not and will not change Volkswagen's strategy,' Pischetsrieder said. 'And cooperation with third parties will not be affected.'
He said VW is not bound to one single manufacturer and may seek other partners in different market segments despite Porsche's stake buy.
Also, VW's model planning will not be affected by its cooperation with Porsche, Pischetsrieder said.
'We will not restrict our product programmes to avoid product competition with Porsche,' he said. 'And speculation that the Audi Quattro may be cancelled is simply not true.'
Porsche recently became VW's largest single shareholder by securing 18.53 pct of shares in the company.
The governing agreement, in which Porsche and VW are establishing the principles of their cooperation, will be finalised within the next couple of weeks, Pischetsrieder said.
VW still sees its pretax profit rising by 4 bln eur by 2008 from 1.099 bln eur in 2004.
Speaking with analysts during a conference call, Pischetrieder said VW is not planning to buy shares in Porsche because no voting shares are currently available and because 'Porsche's intention to become a technological partner of VW is much more important for Porsche than it is for VW'.
Meanwhile, CFO Poetsch rejected speculation that VW may sell treasury shares to Porsche to facilitate the stake build-up.
'Clearly issuing treasury shares for cash to one preferred shareholder is not possible,' Poetsch said. 'We could place the shares back on the market, but that would mean dealing with all shareholders equally.'<ul><li><a href="http://www.forbes.com/afxnewslimited/feeds/afx/2005/10/11/afx2269758.html">Source: Forbes</a></li></ul>