M&a: Porsche and Vw

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  • Topic: Volkswagen, Volkswagen Beetle, Ferdinand Porsche
  • Pages : 558 (17760 words )
  • Download(s) : 181
  • Published : January 12, 2012
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M&A:
 Porsche
 &
 VW
 

Table
 of
 Content
 
List
 of
 illustrations
 ...................................................................................................................................  4
  1
  2
  Introduction
 ....................................................................................................................................  5
  Overview
 about
 the
 involved
 parties
 ..............................................................................................  6
  2.1
  2.2
  2.3
  3
  The
 two
 players
 of
 the
 act
 –
 Porsche
 and
 VW
  .........................................................................  6
  Shared
 History
 of
 Porsche
 and
 VW
 .........................................................................................  7
  Chronology
 of
 the
 takeover
 approach
 ....................................................................................  7
 

Porsche’s
 financial
 strategy
 ...........................................................................................................  12
  3.1
  3.2
  Starting
 situation
 and
 targeted
 objectives
 ............................................................................  12
  Financial
 Instruments
 ............................................................................................................  13
  Operating
 cash
 flow
  .......................................................................................................  13
  Cash
 flow
 from
 trading
 with
 derivates
 ..........................................................................  15
  Debt
 financing
 ...............................................................................................................  16
  Additional
 finance
 instruments
 .....................................................................................  17
 

3.2.1
  3.2.2
  3.2.3
  3.2.4
  3.3
 

Excursion:
 Options
 Trading
  ....................................................................................................  19
  Overview
 .......................................................................................................................  19
  Call
 Option
 .....................................................................................................................  19
  Put
 Option
 .....................................................................................................................  21
 

3.3.1
  3.3.2
  3.3.3
  3.4
  3.5
 

Excursion
 2:
 Cash
 Settled
 Equity
 Swaps
 ................................................................................  22
  Financing
 Concept
 .................................................................................................................  24
  Financial
 Vehicle
 ............................................................................................................  24
  Purchase
 of
 options
 and
 shares
  .....................................................................................  26
  Rising
 stock
 prices
 of
 VW
 shares
 ...................................................................................  27
  Exercise
 of
 the
 options
 ..................................................................................................  28
  Risks...
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