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    樓主: kevinzhou21
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    [討論] 《轉(zhuǎn)載》保時(shí)捷的劇變(來自經(jīng)濟(jì)學(xué)人)——中英文都有 [推廣有獎(jiǎng)]

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    Upheaval at Porsche保時(shí)捷的劇變


    The predictable end of a long battle
    一場(chǎng)曠日持久商戰(zhàn)的如期結(jié)局



    Wiedeking and H&auml;rter, in happier times
    魏德金與黑特,意氣風(fēng)發(fā)時(shí)
    IN THE morning of July 23rd, Porsche announced the departure of its chief executive, Wendelin Wiedeking, and its chief financial officer, Holger H&auml;rter. The German maker of sports cars thus succumbed to what had appeared inevitable since May, when it called off its improbable attempt to take over Volkswagen, a carmaker 15 times its size.

    The departures of both men will pave the way for a merger, but one very much on VW’s terms. Porsche, which under Mr Wiedeking became the highest-margin producer in the car industry, will now be fully integrated into the VW Group, joining seven other car brands: VW, Audi, Skoda, Seat, Bentley, Lamborghini and Bugatti. As The Economist went to press, a meeting of VW’s supervisory board was expected to confirm the commitment to bring Porsche into the fold.

    For VW’s chairman, 72-year-old Ferdinand Pi&euml;ch, who is also a major shareholder in Porsche, it will have been a moment to savour. As recently as late last year, Mr Wiedeking appeared on course to oust Mr Pi&euml;ch and complete the acquisition of VW, the fruition of an audacious plan conceived by Mr H&auml;rter as long ago as 2005. The hard-charging Mr Wiedeking had come to see Mr Pi&euml;ch as an obstacle in his path and the arch-representative of the old ways of doing things at VW. These included cosy relationships with the unions and the state of Lower Saxony, which has a veto on important decisions thanks to a 20% stake and the archaic “VW Law”.
    Last October Porsche triggered a sensational squeeze on short-sellers when it was slow to admit that it had raised its stake in VW voting shares to 42.6% while acquiring a further 31.5% in the form of secured options. For a time, VW was the most valuable company in the world. A month later Mr Wiedeking unveiled profits that exceeded revenue thanks to the appreciation of euro6.8 billion ($8.7 billion) in the value of its stake in VW. He declared that with the help of a euro10 billion credit line to realise its options, Porsche would press for “dominant control” of the larger firm.
    That proved to be the high point of Mr Wiedeking’s vaulting ambition. Although Porsche increased its holding in VW to 50.8% in January, it could only do so by almost tripling its net debt to euro9 billion—at just the moment when its car sales were going into free fall and the credit markets were shutting up shop.
    Perhaps if Porsche had managed to get the VW Law overturned, everything might still have worked out for Mr Wiedeking. He would then have been able to exploit Porsche’s anticipated 75% stake in VW to pay down the debt with the help of the bigger company’s euro11 billion cash pile. But at the prompting of Christian Wolff, Lower Saxony’s premier and a fellow Christian Democrat, Angela Merkel, the German chancellor, risked the wrath of the European Commission by refusing to end the state’s blocking minority.
    On May 6th the warring Porsche and Pi&euml;ch families, which own all the voting stock of the holding company that controls Porsche, agreed to find a way of merging the two carmakers. The game was all but up. As Mr Pi&euml;ch gloated, Mr Wiedeking and Mr H&auml;rter made a last desperate attempt to salvage something from the wreckage of their plans. Their hopes rested on selling a substantial stake in Porsche to a Qatari sovereign-wealth fund and then negotiating with VW from a position of greater strength. However, the Qataris were reluctant to become involved in the feud between the families and had their eye on a substantial shareholding in the merged group. They insisted that they would invest only once the parties had come to terms.
    For Mr Wiedeking and Mr H&auml;rter that meant one thing: a dignified exit. A statement from Porsche said that they saw their departure “as a significant contribution to the appeasement of the situation and to support the forming of an integrated car manufacturing company.” Not too many tears should be shed for the pair, who last year earned more than euro100m between them. But for Porsche, it is a sad end to 78 years of proud independence.
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    關(guān)鍵詞:中英文都有 經(jīng)濟(jì)學(xué)人 中英文 經(jīng)濟(jì)學(xué) 保時(shí)捷 中英文 經(jīng)濟(jì)學(xué)人 劇變 保時(shí)捷

    沙發(fā)
    kevinzhou21 發(fā)表于 2009-8-12 14:47:46 |只看作者 |壇友微信交流群
    1# kevinzhou21
    保時(shí)捷(Porsche)723號(hào)的早上宣布了其首席執(zhí)行官文德林魏德金(Wendelin Wiedeking)和首席財(cái)務(wù)官霍格爾黑特(Holger H&auml;rter)已經(jīng)離職的消息。自今年五月意圖收購(gòu)大眾汽車(Volkswagen,一個(gè)規(guī)模為保時(shí)捷15倍的汽車制造商)失敗以來,這家德國(guó)跑車制造商終于屈從于這個(gè)似乎不可避免的結(jié)局。

    這兩人的離開為兩家公司的合并鋪平了道路,對(duì)大眾汽車來說這更是好事兒。在魏德金的領(lǐng)導(dǎo)下保時(shí)捷已經(jīng)成為業(yè)界利潤(rùn)率最高的企業(yè),然而現(xiàn)在這家公司將被完全整合進(jìn)大眾集團(tuán)。保時(shí)捷也將成為大眾集團(tuán)其下繼大眾,奧迪,斯柯達(dá),西亞特,賓利,蘭博基尼和布加迪后的另一個(gè)品牌。在本期經(jīng)濟(jì)學(xué)人雜志刊印時(shí),大眾監(jiān)事會(huì)會(huì)舉行一次會(huì)議,預(yù)期屆時(shí)大眾集團(tuán)將保時(shí)捷收入囊中的計(jì)劃將被證實(shí)。
    對(duì)于大眾的主席,72歲的費(fèi)迪南德皮耶希(Ferdinand Piech)來說這是一個(gè)值得慶賀的時(shí)刻。他同時(shí)也是保時(shí)捷的主要股東之一。直到去年年底前,魏德金一直按孤立皮耶希、完成收購(gòu)大眾的路線實(shí)行。為了實(shí)現(xiàn)這一大膽的計(jì)劃,早在2005年,黑特就已經(jīng)開始謀劃。在積極推進(jìn)這一計(jì)劃的魏德金看來,皮耶希是行進(jìn)路線上的絆腳石和大眾老派作風(fēng)的總代表——總是遷就工會(huì)與下薩克森州政府。由于古老的大眾公司法20%的股權(quán),下薩克森州政府對(duì)大眾汽車的重要決策擁有否決權(quán)。
    去年10月份,當(dāng)保時(shí)捷承認(rèn)已將其對(duì)大眾汽車的持股(有投票權(quán)股份,下同)比例增加至42.6%,并以認(rèn)購(gòu)期權(quán)的形式鎖定了另外31.5%的股份時(shí),賣空者遭到了空前的打壓。以至于大眾汽車一度成為世界上市值最高的公司。在那之后一個(gè)月,魏德金公布了保時(shí)捷超預(yù)期的利潤(rùn),原因是其所持有的大眾汽車股份出現(xiàn)了68億歐元(87億美元)的溢價(jià)。同時(shí)他表示,其期權(quán)的行權(quán)將會(huì)獲得銀行100億歐元的信貸支持,屆時(shí)保時(shí)捷將會(huì)獲得大眾汽車的絕對(duì)控制權(quán)。
    這被證明是魏德金巨大野心(1)的最高點(diǎn)。盡管保時(shí)捷在一月份增持大眾股份至50.8%,但因此保時(shí)捷的凈債務(wù)也增加了近3倍,至90億歐元。與此同時(shí),汽車銷量的直線下降以及信貸市場(chǎng)的歇業(yè)更令保時(shí)捷雪上加霜。
    如果保時(shí)捷能夠設(shè)法廢除大眾公司法,對(duì)于魏德金來說,也許這一切仍有挽回的余地——他可以利用保時(shí)捷在大眾汽車中所預(yù)期持有75%的股份,從而動(dòng)用大眾汽車110億歐元的現(xiàn)金資產(chǎn)來償付保時(shí)捷的債務(wù)。但是,在下薩克森州州長(zhǎng)克里斯蒂安·沃爾夫(Christian Wolff)和基督教民主黨員,德國(guó)總理安吉拉·默克爾(Angela Merkel)的推動(dòng)下,德國(guó)拒絕執(zhí)行歐盟委員會(huì)的裁決,仍繼續(xù)沿用少數(shù)否決制的大眾公司法。
    波爾舍(Porsche)家族與皮耶希(Pi&euml;ch)家族擁有保時(shí)捷控股公司所有投票權(quán)股票,在56號(hào),這對(duì)冤家同意坐下來協(xié)商一個(gè)合并兩家汽車制造商的方法。但這一提議已然告吹。在皮耶希準(zhǔn)備歡慶勝利之時(shí),魏德金與黑特將他們翻盤的最后的希望押寶在——卡塔爾主權(quán)財(cái)富基金能夠接手大量保時(shí)捷股票上——這樣他們?cè)谂c大眾汽車的談判中才不至于太過被動(dòng)。雖然這家基金對(duì)合并后集團(tuán)的股票非常有興趣,但是他們拒絕卷入這兩個(gè)家族間的爭(zhēng)斗。他們堅(jiān)持只有在這兩個(gè)家族達(dá)成一致后才會(huì)投資。

    對(duì)魏德金與黑特來說,現(xiàn)在只有一條路可走了:有尊嚴(yán)地離開。保時(shí)捷在一份聲明中這樣說到:他們的離開是為了改善(公司)的處境并支持(公司)組建成一家聯(lián)合汽車制造企業(yè)而做出的重大貢獻(xiàn)。對(duì)于這對(duì)去年薪水超過1億歐元的難兄難弟,我們其實(shí)不必太過傷心。我們更應(yīng)該為保時(shí)捷嘆息——引以為傲的78年獨(dú)立就這樣結(jié)束了。
    藤椅
    郭文釗 發(fā)表于 2009-8-12 15:14:41 |只看作者 |壇友微信交流群
    這個(gè)要是能有哪有大蝦拿出來準(zhǔn)備做個(gè)資本運(yùn)作的案例,那就太感謝了
    初生心齋
    板凳
    yaking 發(fā)表于 2009-10-20 14:46:27 |只看作者 |壇友微信交流群
    cctv2正在播出啊
    非常之時(shí) 必待非常之人
    報(bào)紙
    chuxh 發(fā)表于 2009-10-28 00:23:45 |只看作者 |壇友微信交流群
    yaking 發(fā)表于 2009-10-20 14:46
    cctv2正在播出啊
    是的。偶也看了。
    地板
    allennzm 發(fā)表于 2009-10-29 13:10:47 |只看作者 |壇友微信交流群
    一直非常喜歡保時(shí)捷的獨(dú)立與高利潤(rùn),不知道以后會(huì)怎么樣
    80 字節(jié)以內(nèi)
    不支持自定義 Discuz! 代碼
    7
    seraph1016 發(fā)表于 2009-11-4 13:14:13 |只看作者 |壇友微信交流群
    時(shí)機(jī)不好,政治作梗,時(shí)也命也

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