2 due to the success of the premium to the German case

In a world auto market fell by 18 in the first half, fired down by the United States, Volkswagen well withstand the turmoil. Wolfsburg group, which will gradually reacquire the automotive assets of Porsche, by 2011, the agreement between shareholders of the latter found last week, shows a decline of only 5 of its sales of cars in the world between January and June, to 3.1 million vehicles. The good conduct of deliveries in markets like China and the Brazil has partially offset the crisis of the European market.

A trade balance to fade of envy of groups such as GM, which has announced a drop of 21.8 over the same period, and even the European competitors such as Renault (13.7), PSA Peugeot Citroën (-17.5) or Italian Fiat (-12,6). Number three global sector, since that it has doubled Ford, Volkswagen is now party to double General Motors, as soon as it will be assigned its brands Opel, Saturn or Pontiac, and thus find themselves for the first time in its history number two world, behind Toyota. The German group Volkswagen flagship brand is even paid luxury display shipments on the rise over the period ( 2.2), due to the success of the premium to the German case.

Advantages additional for VW, while negotiating the final details of its rapprochement with Porsche. At the same time, the shareholders of the 911 constructor arguments are likely to be revised downwards: the debt of the firm of Stuttgart, which exploded with the dangerous game of buying on credit of the Volkswagen shares would finally to 14 billion euros, and not some 10 billion as mentioned these days, according to the German weekly "focus", which cites sources who participated in the long Supervisory Board of Porsche. Would without the agreement found on the night of Wednesday to Thursday, the group have been insolvent within two weeks, the same sources.

Strange reversal of the situation on the financial strength of Porsche, until last year: the financial rating agency Fitch said today "concerned that the strong profile of VW credit, supported by a net position of cash of EUR 10.7 billion at end-March 2009 from industrial activities, could finally be weakened by the merger with Porsche and its substantial financial debt.

Wiedeking premium

Beyond the points which remain to clarify in the coming weeks, as the true ownership of the future group VW, to be divided among the families Porsche, Piëch, the Emirate of the Qatar, the Land of Lower Saxony and the employees, one of the subjects of controversy in Germany is the premium of EUR 50 million originally allocated to Wendelin Wiedeking, resigned boss of Porsche. Huge in itself, this sum is significantly lower than what was intended: Porsche staff representatives are opposed to the figure of EUR 140 million, on which the Porsche and Piëch families had fallen agree. And if they had applied mechanically his contract, the patron stripped could even claim a sum between 170 and 260 million euros, according to his lawyer, the financial results of the fiscal year that ends this July 31.