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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.

Classic Mini voted 'best British car'

THE ORIGINAL Mini, first introduced in 1959, is the best-ever British car, according to a survey of Autocar readers. The poll also named Norfolk-based Lotus as the most popular British manufacturer, with seven of its models making the 100 best British cars list. Following the Mini at the top of the list was the McLaren F1, with the Jaguar E-type third and the Range Rover fourth.

Goodwood Revival To Honour Iconic Maserati 250F

SEPTEMBER will see the organisers of the popular Goodwood Revival mark 60 years of one of Formula 1’s most iconic machines, the Maserati 250F. One of the highlights of the historic race meeting will be one of the largest ever on-track collections of the car at the September 12-14 event. As many as 16 examples of the 250F are expected to take part in the Richmond Trophy, which this year will feature 2.5-litre, front-engined grand prix cars of a kind that raced from 1954 to 1960.