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Volkswagen hits back, weighs making a bid for Porsche
Thu, 23 Apr 2009Volkswagen 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.
Bentley Races Ahead With High Performance Continental GT3-R
Wed, 18 Jun 2014LUXURY car maker Bentley has pulled the wraps off its new racecar-inspired Continental GT3-R. Taking inspiration from the firm’s new GT3-spec competition machine, the GT3-R is said to blend high performance with Bentley’s trademark luxury approach to motoring. The GT3-R will be a rare beast, too.
T-Mobile offers service to block cell calls, text messages while driving
Thu, 20 Jan 2011The next step in the effort to keep people from using cell phones for calls and text messages while driving has arrived--a service that senses when the phone is moving at carlike speeds and automatically handles calls and messages. T-Mobile is providing the service, called DriveSmart, for its customers who use the LG Optimus T, a mobile phone that runs the Android operating system. T-Mobile says it will make the service available on other handsets soon.