EU ruling lets foreign investors make runs at VW, others

FRANKFURT, Germany — Porsche set out to fail the last time it made a takeover for Volkswagen. That likely won't be the case if it tries again, according to USA Today.

The sports car company has an open road for another attempt, after the European Union's highest court struck down the nearly 50-year old "VW law" enacted to protect Europe's largest automaker from a hostile takeover.

Tuesday's ruling will reverberate across Europe, where many governments have attempted to protect companies they see as vital to their economies from being bought, particularly by foreign investors.

German politicians and labor unions had argued that the 47-year-old measure was needed to protect local jobs.

The EU Court of Justice, however, said the law — which capped a shareholder's voting rights at 20%, whatever the size of its holding — limited "the free movement of capital" that is a tenet of the European Union.

Posted by Peter C. T. Elsworth  at 11:13 AM | Permalink

Porsche Cayman Goes All-Black

Buy a car and get a briefcase, watch, pocket knife, sunglasses, pen and keyring for free. That's the deal with the launch of the Porsche Design Edition 1 of the Cayman S, according to thecarconnection.com.

Exactly 777 of the two-seaters will be built by the German firm. The car has been developed in conjunction with Porsche Design Studio, created by Ferdinand Alexander Porsche 35 years ago.

The Design Edition 1 is only available finished in black. Inside there's leather and Alcantara upholstery, centre console, fascia and door trims, all finished in black. The Porsche badge is embossed on the seat head rests.

It's now a top international industrial style firm working on luxury items and consumer goods. And because of that each car comes with the briefcase of unusual extras.

Posted by Peter C. T. Elsworth  at 10:05 AM | Permalink