BERLIN (Reuters) - A German court has assigned an investor lawsuit seeking about 2 billion euros ($2.7 billion) in damages from Porsche SE to a court specializing on cartel matters, a person familiar with the matter told Reuters.
Filed under: Europe, Porsche, Volkswagen, Earnings/Financials, Middle East In August, 2009, as the scuttled merger of Porsche and Volkswagen had gone bad and Porsche was backed up against the ropes, Porsche Automobil Holding SE (PAHSE) relinquished a ten-percent stake in itself to Qatar Holdings as well as options it held on 17 percent of VW shares. The sale meant that, for the first time since the founding of the company 61 years before, an entity outside the Porsche and Piech families had a say in the running of PAHSE. Buying that ten-percent stake back returns full ownership to the two families, the holding company's sole possession being ownership of 50.7 percent of VW's common shares. The price paid wasn't disclosed, but at market rates the purchase would be worth close to $1.25 billion. Qatar intends to hold onto the 17-percent stake it has in Volkswagen.Porsche-Piech buy 10% stake in VW's holding company originally appeared on Autoblog on Tue, 18 Jun 2013 08:00:00 EST. Please see our terms for use of feeds.Permalink | Email this | Comments
DUBAI/BERLIN (Reuters) - Qatar Holding, the investment arm of the Gulf state's sovereign wealth fund, has sold its 10 percent stake in Porsche SE to the luxury carmaker's family shareholders, four years after it first invested in the firm.
Filed under: Motorsports, Coupe, Performance, Bentley, Racing Porsche's new LMP1 Prototype isn't the only motorsports news coming out of Volkswagen AG this week. After unveiling its new Continental GT3 at the Paris Motor Show last year, Bentley has released some new images and details as this racecar continues its development. Similar to the Porsche announcement, Bentley's new GT3 marks a significant return to motorsports, only in this case, Bentley hasn't raced a car since 2003 - a winning effort at the 24 Hours of Le Mans. From street to race form, the Continental has dropped about 2,200 pounds by shedding many of the luxury and tech features that make the street-legal Continental GT the car that it is - including 50(!) electronic control units. The Continental GT3 uses the same 4.0-liter, twin-turbo V8 as the road car, but we're guessing output has been tweaked a bit from the standard 500 horsepower. Except for the carbon fiber hood, decklid and doors, Bentley says that the body of the GT3 is a direct carryover from the Continental GT. Inside, even a stripped interior and full roll cage won't stop Bentley from being Bentley as it gives this racecar the same attention to detail as its road cars - the seats, steering wheel and door pulls all receiving the hand-crafted treatment from the factory in Crewe. There is no word as to when the Continental GT3 will make its racing debut, but more details about the car can be found below in the official press release.Continue reading Bentley releases new details on Continental GT3 racerBentley releases new details on Continental GT3 racer originally appeared on Autoblog on Thu, 13 Jun 2013 17:46:00 EST. Please see our terms for use of feeds.Permalink | Email this | Comments
Filed under: Aftermarket, Performance, SUV, Ford, First Drives, Off-RoadRaptor, Excursion, Texas and Hennessey Each of those words are synonyms for big and bold - combine all four and you've got one of the largest, most powerful and robust street-going sport utility vehicles in the world. John Hennessey is a Texas-based tuner known for creating some of the fastest and most capable cars on the planet. Over the past two decades, machines like the Viper Venom 550, Ford GT 1000 Twin Turbo, HPE 700 LS9 Camaro and the almighty Venom GT have emerged from the Hennessey Performance garage. And those are just the celebrated flagships; the company has modified thousands of other street cars including those from Audi, Bentley, Cadillac, Ferrari, Ford, Porsche and Toyota, to name a few. Now, after tuning countless Ford F-150 SVT Raptor pickups and fielding multiple requests, the company has created something unique to fill a void in the performance-oriented sport utility segment. It is called the Hennessey VelociRaptor SUV, and Autoblog was recently handed the keys to the very first example to hit the pavement.Continue reading 2013 Hennessey VelociRaptor 600 SUV2013 Hennessey VelociRaptor 600 SUV originally appeared on Autoblog on Thu, 13 Jun 2013 11:56:00 EST. Please see our terms for use of feeds.Permalink | Email this | Comments
Filed under: Motorsports, Hybrid, Porsche, Racing
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