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Auto Outlook: Toyota bullish on U.S. comeback
STUTTGART, Germany, June 29 (UPI) -- German automaker Porsche turned down an offer from Volkswagen Monday that would have transferred 49 percent of its sports car unit to its larger rival.
Porsche said a financial penalty attached to the offer made the deal "unfeasible," The New York Times reported Monday.
The sale of Porsche A.G., its sports car business, for about $5.6 billion "would immediately trigger repayment of $17.6 billion" on a loan, Porsche spokesman Frank Gaube said.
The merger was planned in two steps. The first step involved Porsche Automobil Holding to sell 49 percent of Porsche A.G. The second step involved the Qatari Investment Authority's purchase of options that would allow it to buy 20 percent of Volkswagen.
The deal would also have been a reversal of strategies for Porsche, which has a debt of $12.6 billion built up from its attempt to take over Volkswagen.
Porsche Automobil Holding owns 100 percent of the Porsche A.G. and 51 percent of Volkswagen, the Times said.
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BAGHDAD, Feb. 14 (UPI) --
U.S. supermajor Exxon Mobil won't be able to take part in an oil and natural gas licensing auction scheduled for May in Iraq, a spokesman said.
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WASGHINGTON, D.C., Feb. 13 (UPI) --
Defense industries are weighing the potential impact of proposed defense cuts running into tens of billions of dollars over the next 10 years.
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Local markets will probably not be swamped by waves of foreclosures following the multi-state mortgage settlement announced yesterday. Rather, the huge inventory of one to two million foreclosures will enter markets gradually....
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President Barack Obama has revealed a budget that, once again, will give the Republican party a chance to show that vitriol is more fun than compromise.
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