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Volkswagen hits back, weighs making a bid for Porsche

Volkswagen is considering an audacious reverse-takeover bid for its majority shareholder, Porsche, in a twist in the drawn-out struggle for control between the two German carmakers. The Volkswagen Group's supervisory board is said to be weighing the possibility of purchasing Porsche AG, in a move that would relieve its holding company, Porsche SE, of massive debt that industry analysts suggest the company may not be able to fund should the world's financial crisis drag on well into 2010--a scenario put forward this week by the International Monetary Fund. The secret plan emerged as shareholders were set to convene at Volkswagen's annual meeting on Thursday, and it comes after Porsche revealed that it is carrying some 9 billion euros ($11.73 billion) in debt, most of it owing to interest on loans taken out to purchase its 50.8 percent stake in VW.

Seat Ibiza (2008) unveiled

By Ben Pulman First Official Pictures 02 April 2008 22:13 Seat's new Ibiza – unveiled today in Barcelona – offers sleek looks from an ex-Lamborghini stylist and gadgets never before seen in the supermini class. The Ibiza is also the start of a new model offensive that Seat president Erich Schmitt hopes will double sales to 800,000 by 2018. Ex-Lamborghini designer Luc Donckerwolke penned the Ibiza’s striking shape.

Dodhy motors warning to buyers

MORE THAN half of those seeking help for "dodgy deal" second-hand car purchases experience faults with their vehicle within a month of buying it, according to Citizens Advice. Essential repairs include smoke emerging from the engine, corroded brake pipes and snapped clutches. Of the 2,519 complaints to Citizens Advice about used cars in the first two weeks of September, a total of 83% were about faults.