Failed takeover of VW sees Porsche record massive loss

Porsche’s failed attempt to takeover Volkswagen has seen the firm record a loss of 4.4 billion euro (£3.9bn).

Porsche had launched a takeover bid for VW and had built a 51 per cent stake in the company by the summer.

But the firm had to abandon the takeover after its debts spiralled out of control and it is now set to complete a merger with VW by the end of 2011.

The firm’s loss for the year to the end of July came a year after it returned an 8.6bn (£7.67bn) euro profit.

Despite its huge losses, Porsche said in a statement that if its failed takeover was taken out of the figures, it would be the "most profitable automobile manufacturer in the world".

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Jaydub 13 November 2009

Re: Porsche loses £3.9bn

About time they came back down to earth with a bump!

Makes JLR losses seem small fry, heads should roll.

R32 13 November 2009

Re: Porsche loses £3.9bn

What a shame - boo hoo. Couldn't happen to a nicer company! Sounds like Porsche got what they deserve. Arrogance beyond belief. Total contempt for their high-spending and largely loyal customers. Disdain for other manufacturers. Other than the 911 - what have they got in their range worth buying? An ugly off-roader wannabe with a 911-esque front end, a 5-door hatchback with a 911-esque front end and the overpriced Boxster and Cayman - the "cheap" Porsches. Yeah Porsche are now reaping what they've sown.

Quattro369 13 November 2009

Re: Porsche loses £3.9bn

How arrogant: Porsche said in a statement that if its failed takeover was taken out of the figures, it would be the "most profitable automobile manufacturer in the world"

Yeah and if you take the massive Government loans out of the figures, then GM and Chrysler would be the 2nd and 3rd most profitable.