Volkswagen takes over Porsche
Last year I was fascinated by a financial story that involved Porsche secretly buying Volkswagen stock for three years, disclosing that it owned 75% of the company, and reaping as much as 40 billion euros from distressed short sellers. Now Volkswagen is taking over Porsche. Porsche’s CFO, Holger Härter, who engineered the short squeeze, is out of a job, as is Porsche’s CEO, as is Porsche’s CEO Wendelin Wiedeking. Porsche still owns more than 50% of Volkswagen, but apparently it cannot continue to operate under its current debt load, creating an opening for VW: ...