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Porsche taking over VW - not?

It's not as simple as it seems - Porsche's apparent takeover bid of VW, that is, according to Forbes.com
Having just increased its stake in Volkswagen to 30.9 percent, Porsche is now going through the rigmarole of bidding for the whole company, as required by German law, says Forbes.com. But it has made the minimum offering legally allowed - $145.60 for each common share and $84 for each preferred share - so that few, if any, investors will want to sell.
"We don't think many shares will be offered to us," Porsche spokesman Frank Gaube told Forbes.com, which says the oveall plan is designed to protect VW from any hostile takeover by ensuring that Porsch and the German state of Lower Saxony effectively control just over 50 percent of the company.

Posted by   at 3:08 PM to Companies | Permalink | Comments 2

Bush Continues Tour of Alternative Fuel Vehicles

Today was day two of President Bush promoting the use of
alternative fuel vehicles, to help meet his goal of reducing oil consumption
in the US, by 20 percent in ten years. See a clip on AP Video

Posted by   at 3:03 PM to Alternative fuels | Permalink | Comments 0

Gas prices on the rise

Gasoline prices are on the rise again, according to USAToday, citing figures from the Energy Information Administraton, the statistics arm of the Energy Department
The average for a gallon of unleaded regular was $2.61 yesterday, up 3.3 cents in a week and is 11.2 cents more than a year ago.
A different survey more or less agrees, the paper said. A daily tally of prices at some 80,000 stations by the Oil Price Information Service, published by travel group AAA, showed the U.S. average was $2.581 Monday, up 0.4 of a cent overnight, up 3 cents in a week, and 7.8 cents more than the year-ago average.

Posted by   at 11:30 AM to Gas prices | Permalink | Comments 0

Nanjiang unveils its first MG cars and sedans

Nanjing Auto unveiled its first made-in-China MG sports cars and sedans Tuesday, the first step in a plan to use the iconic British brand as a platform for global expansion, according to China Daily.
China's oldest automaker introduced the 1.8 liter MGTF roadster and the MG 7295 and 7275 sedans at its $450 million plant near eastern Nanjing, capital of east China's Jiangsu Province.
The brand, renamed "Ming Jue" or "Modern Gentleman", will go on sale in China in the second half of the year, priced between $23,000 and $52,000.

Posted by   at 11:23 AM to Companies | Permalink | Comments 0