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Porsche-Piech buy 10% stake in VW's holding company

In August, 2009, as the scuttled merger of Porsche and Volkswagen had gone bad and Porsche was backed up against the ropes, Porsche Automobil Holding SE (PAHSE) relinquished a ten-percent stake in itself to Qatar Holdings as well as options it held on 17 percent of VW shares. The sale meant that, for the first time since the founding of the company 61 years before, an entity outside the Porsche and Piech families had a say in the running of PAHSE.
Buying that ten-percent stake back returns full ownership to the two families, the holding company's sole possession being ownership of 50.7 percent of VW's common shares. The price paid wasn't disclosed, but at market rates the purchase would be worth close to $1.25 billion. Qatar intends to hold onto the 17-percent stake it has in Volkswagen.

VW CFO Hans Dieter Potsch nominated as new board chairman

The search for a successor to Ferdinand Piech has come to an end as the Volkswagen Group has nominated a new chairman. The Executive and Nomination committees of VW's Supervisory Board have put their weight behind one Hans Dieter Potsch, who currently serves on the company's management board as its chief financial officer. He's expected to continue in his current role until November when an extraordinary general meeting of the supervisory board can be called to confirm his nomination and a replacement CFO can be found to take his place. As you may recall, the chairmanship of the Volkswagen board fell until recently to Ferdinand Piech, grandson of Ferdinand Porsche and one of the principals of the Porsche family that holds over 50 percent ownership in Volkswagen through Porsche Automobil Holding SE. Piech went head to head with VW CEO Martin Winterkorn and ultimately lost. Piech resigned and Winterkorn is about to have his term as chief executive extended through the end of 2018. In Piech's place, former union head Berthold Huber was named as interim chairman, but is now referred to in the statement below once again as deputy chairman instead. An Austrian native, Potsch is an industrial engineer by training. He started his career at BMW where he ultimately served as group controller, and subsequently served as CFO and as chairman at a number of German corporations. Potsch joined the VW management board in 2003, initially without portfolio, and soon assumed the financial portfolio – a role he has held until now. In 2009 he took on the additional role of chief financial officer at the Porsche holding company, whose supervisory board representatives are the parties proposing Potsch's nomination as the group's new chairman – even though he is not, strictly speaking, one of their own. In a related development, it appears that Julia Kuhn-Piech will be leaving her board seat sooner than expected. The departing chairman Ferdinand Piech opposed his niece's nomination to the board in his place, and now she'll apparently be stepping down to make way for the family's new choice of chairman.

Juan Pablo Montoya tests Porsche 919 Hybrid in Bahrain

Sealing the FIA World Endurance Championship wasn't the only thing that Porsche did this past weekend in Bahrain. Alongside its rivals from Audi and Toyota, the German outfit also participated in a test session for potential new drivers, including Juan Pablo Montoya. Driving the Le Mans- and championship-winning Porsche 919 Hybrid at the Bahrain International Circuit this weekend, Montoya set the fastest time of the day. His "qualifying" lap was clocked at 1:40.86, barely more than a second behind the 1:39.67 lap that earned Timo Bernhard pole position in the previous day's race – and a second faster than the fastest lap set in the race by Neel Jani in another 919 Hybrid. That's a mighty impressive feat for a driver relatively unaccustomed to driving a modern hybrid LMP1. Racing fans will know Montoya as a multi-talented driver. The Colombian has competed successfully in Formula One, Indy, NASCAR, and sports prototypes, winning races in all disciplines. Aside from the International Formula 3000 title, three outright victories in the 24 Hours of Daytona, and a handful of NASCAR street-course races, Montoya can count among his many achievements the CART title, two Indianapolis 500 wins, and the checkered flag at the Monaco Grand Prix (along with six other F1 races). Those victories have brought JP among the closest to winning the Triple Crown of motorsports of any driver in racing history, and he's still competing. For those unfamiliar, the Triple Crown is an unofficial measure to gauge the diverse talents of professional racing drivers in three disciplines: Indy, F1, and Le Mans. To win, a driver has to win the Indianapolis 500, the 24 Hours of Le Mans, and either the Monaco Grand Prix or the Formula One World Championship. Graham Hill is the only driver in history to have swept all the categories, but others have come close. The list of near-winners includes Tazio Nuvolari, Mike Hawthrown, Phil Hill, AJ Foyt, Bruce McLaren, Jim Clark, Mario Andretti, and Emerson Fittipaldi. The only contenders still active are Montoya and Jacques Villeneuve, who won at Indy in '95, the F1 championship in '97, and came second at Le Mans in 2008. Villenueve could still steal the crown if he gets another shot at Le Mans, but the more likely scenario would be to see Montoya rise to the throne. Especially if this test session is any indication. Also driving the Porsche was in the rookie test session was Mitch Evans, a former GP3 champion and GP2 race winner from New Zealand.