Porsche shareholders approve $6.5 bn stock sale

[Grady Clay]

The Associated Press December 1, 2010, 5:14AM ET
Porsche shareholders approve $6.5 bn stock sale
BERLIN
Porsche says its shareholders have agreed on a capital increase of up to euro5 billion ($6.5 billion) to raise funds for a merger between the sportscar manufacturer and Germany's largest automaker Volkswagen AG.
A Porsche spokesman, who declined to be named in line with company policy, said Wednesday a majority of shareholders voted late Tuesday for the capital increase that is to be completed by the end of August 2011.
The move is aimed at ridding Porsche of debts accumulated in its own failed 2009 attempt to take over Volkswagen. It will also pave the way for VW to fully acquire the sportscar manufacturer by the end of 2011.
Porsche earned euro7.8 billion ($10.1 billion) in revenue for the year ending July 31 and sold 82,000 cars.
© 2010 Bloomberg.com

Best,
Grady

[Jerome74911S]

Yikes. Just like any other widget company; it's about money, nothing else. I'm glad I own an old "true" Porsche. Maybe it was about money, too, back when my car was built, but at least Porsche was Porsche and it had a certain focus.