VW's expansion efforts progress with the purchase of Lamborghini
Article Abstract:
Audi AG, a unit of German automaker Volkswagen AG (VW), has acquired Automobili Lamborghini SpA, a sports car maker based in Bologna,Italy, for an undisclosed amount as part of VW's expansion strategy. Industry observers, however, estimate the sale to range between 150 million Marks and 200 million Marks or $84 million and $112 million. The acquisition follows other expansion moves by VW, which recently purchased Rolls-Royce Motor Cars Ltd. and UK-based engine maker Cosworth from Vickers PLC. Lamborghini is reported to have plans of its own to expand its product line but needs the financial support of VW.
Comment:
Acquires Automobili Lamborghini for an undisclosed amount as part of parent co's, VW, expansion strategy
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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GM appoints Saab chief as new head of Opel unit
Article Abstract:
General Motors Corp. selected Robert W. Hendry to become the new chairman of its troubled Adam Opel AG operations as of November 1, 1998, because of his experience at restructuring ailing corporate entities. In 1997, Adam Opel posted 228 million marks in net losses which are equivalent to $139.1 million. Adam Opel has not been able to reap higher profits for General Motors because of the duller performance it showed in the market compared to the $1 billion in annual earnings it reaped during the late 1980s and early 1990s.
Comment:
Is now led by Robert W Hendry, who became new chairman of its troubled operations as decided by General Motors Corp
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Daimler-Benz clears a merger hurdle
Article Abstract:
Daimler-Benz AG of Germany received permission to merge with Chrysler Corp. since Daimler-Benz stockholders agreed to trade around 97% of outstanding shares for stock in the new company to be produced via the deal. Daimler-Benz Chairman Juergen Schempp believes that the stockholder support shows that they are aware of the potential benefits of the transaction to Daimler-Benz. The two large car manufacturers will formally post their joint stock listing in New York and Frankfurt, Germany in November 1998.
Comment:
Receives permission to merge with Chrysler Corp since Daimler-Benz stockholders agreed to trade outstanding shares
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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