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
FEC Approves Concession Of Port Harcourt lnt’l Airport
Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
Business
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