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UK Listing Authority, Document Viewing Facility: Financial Services Authority25 The North ColonnadeCanary WharfLondon E14 5HS Haven Funding PLC Copyright Business Wire 2009. July 23 (Reuters) – The board of sportscar maker Porsche (PSHG_p.DE)conceded a power struggle with mass-market rival Volkswagen (VOWG.DE) onThursday, by axing its CEO and planning to raise funds to prepare for theirmerger. [ID:nSP513587] Below is a timeline of the paths that have led the two companies to thepoint of merger: Sept. 25, 2005 – Porsche says it plans to buy a stake of about 20 percent inVW. Three days later it emerges with a 10.3 percent voting stake, subsequentlyincreased via forward-rate agreements Aug.
2, 2006 – Porsche Chief Executive Wendelin Wiedeking first advocatesthe abolition of Germany’s “VW Law” that caps voting rights in VW at 20 percent Nov. 15 – Porsche’s supervisory board authorises management to increase itsVW stake to 29.9 percent, triggering speculation it plans to gain majoritycontrol. April 30, 2007 – Porsche submits mandatory takeover offer after crossing 30percent threshold Oct 23 – European Court of Justice rules against VW Law. March 3, 2008 – Porsche supervisory board gives go-ahead to raise its VWvoting stake to over 50 percent Oct.
26 – Porsche says it holds stock and options that give it control of 74percent of VW’s votes and announces plans for a “domination” agreement. Aresulting scramble for VW shares by shortsellers caught out by the announcementbriefly makes VW the world’s most valuable company Jan. 5, 2009 – Porsche says it has raised its VW voting stake to 50.8percent and confirms its plan to raise stake to 75 percent this year ifconditions allow. May 6 – Laden with debt as car markets plunge, Porsche drops takeover planand says it will pursue a merger instead. May 12 – VW Chairman Ferdinand Piech names an ally, VW Chief ExecutiveMartin Winterkorn, as his candidate to head the merged group. Warns Porsche itmust get its 9 billion euro debt under control before any deal can be agreed. May 17 – VW halts tie-up talks with Porsche, says its smaller peer andshareholder is not ready for a merger Two days later Porsche and VW agree towork together again.
May 25 – Porsche confirms it received a 700 million euro loan from VW. June 9 – Porsche starts talks with investment fund Qatar InvestmentAuthority (QIA) to sell a stake in its automobile holding via a share capitalincrease or by selling its options for Volkswagen shares June 25 – Germany denies Porsche a state loan. June 27 – Porsche accuses VW and its key shareholder Lower Saxony ofextortion following a media report that VW and the regional state had demandedPorsche accept a tie-up Volkswagen denies the report the next day June 29 – Qatar offers to invest in Porsche. – Porsche says it will seek alternative ways of refinancing its debtafter state bank KfW officially rejected a 1.75 billion euro loan application.
July 10 – Chairman Wolfgang Porsche calls an extraordinary supervisory boardmeeting for July 23 to discuss a possible sale of a stake in Porsche SE to Qatarworth over 5 billion euros. July 20 – Porsche has racked up 14 billion euros ($19.75 billion) in debt inits failed attempt to take full control of Volkswagen, Germany’s Bild reports. July 23 – A proposal by Porsche’s board to prepare for a capital increase ofat least 5 billion euros in cash and/or a contribution in kind, is approved bythe supervisory board, setting the stage for a merger with Volkswagen. – Porsche axes its chief executive Wendelin Wiedeking, who hadopposed a takeover by VW and been behind the attempt to take VW over ChiefFinancial Officer Holger Haerter is also axed.