Porsche Secures 10 Billion Euros To Purchase Outstanding VW Shares

Porsche SE says it has secured a 10 billion euro loan from several banks to help it pay for the shares of Volkswagen AG, to solidify its majority stake in Europe's biggest automaker by sales.

Stuttgart-based Porsche Automobil Holding SE says under the agreement, it can extend the volume of the amount to 12.5 billion euros ($16.8 billion).

The credit line is being guaranteed by a consortium of 15 banks including Barclays Capital, Deutsche Bank AG, BNP Paribas, Santander, UBS and Credit Suisse Group.

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theoptimisticpessimist - 3/25/2009 4:49:58 PM

+2 Boost

Porsche is becoming less and less a car company and more and more a hedge fund.

Agent009 - 3/26/2009 8:20:28 AM

+2 Boost

More like securing your future. With a lot of the top tier suppliers going under, it is nice to own your own facilities. At least you can control your destiny that way.

Htay7500 - 3/25/2009 5:33:08 PM

+1 Boost

Goddamn, they getting that paper like crazy.

E36er - 3/26/2009 1:30:55 AM

+1 Boost

Buy your "real" 911's now before they all turn into VW derivatives.

NItePhire - 3/26/2009 4:26:06 AM

+1 Boost

Well i guess this is one way to make your lineup get 35mpg before 2020

mini22 - 3/26/2009 1:00:24 PM

+2 Boost

You have to say Porsche has made some brilliant moves in buying VW. It allows them access to VW platforms both making R & D cheaper and faster to the market. Further the more VW grows the more money for Porsche. Perhaps once they completely own VW they should buy a weakened GM.

veyron1001 - 3/27/2009 8:50:40 AM

0 Boost

Nice joke about Porsche buying GM