Business
Tussle Over Car Maker Control Ends
The struggle over control of Porsche, the heavily leveraged maker of world-class sports cars including the 911, appears to be coming to an end, according to media reports.
The German weekly news magazine Der Spiegel reported on its Web site Saturday that Wolfsburg-based Volkswagen AG would initially get 49.9 percent of Porsche AG and later take the remaining shares. The magazine did not reveal its sources in its report.
A person familiar with the talks which have fascinated corporate Germany for days confirmed that the deal as described was likely. The person spoke on condition of anonymity because neither Porsche nor Volkswagen has released any details of their talks or the deal itself.
A spokesman for Porsche declined to comment and Volkswagen did not immediately return calls seeking comment.
According to Spiegel, Stuttgart based Porsche Automobil Holding SE would receive approximately euro8 billion from Volkswagen, a critical amount given that the company is trying to alleviate the debt it ran up as it increased its stake in Volkswagen to more than 51 percent, making it the biggest shareholder in Europe’s biggest automaker by sales.
Last month, Germany’s state owned KfW development bank rejected Porsche’s application for euro1.75 billion in credit.
According to the report, the families that own Porsche the Pieches and Porsches would control 50 percent of the new VW-Porsche group, the state of Lower Saxony would have a share of 20 percent and the Middle Eastern nation of Qatar would take a stake of between 14.9 and 19.9 percent.
Porsche has been in talks with a Qatar investment fund that has offered to buy a stake in the sports car maker. The supervisory boards of both companies are scheduled to meet July 23.
Business
NCAA Certifies Elin Group Aircraft Maintenance

Business
SMEDAN, CAC Move To Ease Business Registration, Target 250,000 MSMEs

Business
Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
-
Rivers4 days ago
Democratic Rule Return Sparks Renewed Debate In Rivers
-
News4 days ago
Troops arrest five suspected criminals with concealed AK-47 rifles
-
Rivers2 days ago
FTAN Marks Tourism Day With March, Awards
-
Sports4 days ago
Plateau Wins Kanemi, As Bayelsa, Bendel Played 1-1
-
Education4 days ago
VC Congratulates Igwe on Appointment as Pro-Chancellor
-
Sports2 days ago
Arsenal’s Saliba Wants to Be Best
-
Politics4 days ago
Alleged Attack On Abure In Benin, LP Calls For Investigation
-
Sports4 days ago
La Liga: Atletico Bring Real Back To Earth