Porsche finds way around $1.9B tax bill tied to VW deal

After five months of finessing the deal, Volkswagen and Porsche Holding SE have figured out how to sidestep the tax man: VW's €4.5 billion purchase of the remaining 50.1-percent stake in Porsche's sports car unit was going to mean a tax liability of €1.5 billion ($1.9B U.S.) due to the Baden-Württemberg Finance Ministry. Volkswagen was going to be on the hook for that, and the amount threatened to scuttle the deal.

Previously, the two companies planned to create a holding company to control the remaining share until 2014, at which time it could be transferred to VW without paying a tax. Beyond the two-year wait just to close the deal, that plan also meant that VW couldn't fully integrate Porsche into its operations and so be forced to deal with Porsche for two years at an inefficient, arm's-length distance.

Th new plan, still awaiting final approval from the state authorities, is simple. The Porsche Holding SE empire, which isn't small, owns Dr. Ing. h.c. F. Porsche AG, the unit that makes the sports cars. If VW purchases the unit outright from the holding company, the purchase is taxed. Instead, VW plans to give Porsche Holding SE the €4.5 billion purchase price as well as one voting share of VW stock. By 'giving' Porsche Holding a stake in VW, even if it is just one single share, it turns an outright purchase into a corporate restructuring. A tax-free corporate restructuring, specifically. What's German for "Voilà!"?

According to a story in Reuters, Porsche Holding has been given legally binding notice from the state that is will not need to pay any taxes on such a transaction. VW said it's still looking at its options for ingesting the 50.1-percent stake, but it looks like the end of that deal just got a lot closer. Now about that $2.6 billion investor lawsuit... 

via: Reuters

You have read this article News / porche / Report / Volkswagen with the title porche. You can bookmark this page URL http://rouserworks.blogspot.com/2012/06/porsche-finds-way-around-19b-tax-bill.html. Thanks!

Champion Motorsport: Porsche 911 RSR Becomes Street-Legal

Champion Motorsport has taken its obsession for the Porsche 911 to the next level with its latest project, which aims to offer the world a road-going version of the 911 RSR racer.

The aftermarket developer used a 2011 911 Turbo S as a starting point, with the vehicle receiving 68 mm variable turbine geometry turbochargers (along with a long list of engine mods), an adjustable Ohlins coilover suspension, as well as Champion Motorsport wheels, which use a concave multi-spoke design that seems to be able to mix form with function in a perfect way.

The car has been dressed in a carbon fiber body kit, with the aerodynamics being extremely well taken care of - the tuner used items such as a flat underbody and a generously-sized rear wing.

Champion Motorsport hasn’t released the full details for the 911 RSR, but we can tell you that the vehicle comes with a financial burden of $399,000 (EUR318,000 at the current exchange rates).

You have read this article Champion Motorsport / Motorsport / News / porche / Porsche 911 / Porsche 911 RSR with the title porche. You can bookmark this page URL http://rouserworks.blogspot.com/2012/06/champion-motorsport-porsche-911-rsr.html. Thanks!

Panamera on PUR Wheels in Hong Kong

The guys at SR Auto Group were contacted by the owner of this Porsche Panamera from Hong Kong and asked to add a bit of custom flavor. Obviously, thousands of miles separated them from their task, but they managed just fine through the power of the internet.

To make the white Panamera stand out even more, they added a body kit from Techart, which front bumper, side skirts, rear bumper and a LED daytime running light system.

But the coolest part is the set of 10-spoke wheels from PUR Wheels. Their shape was engineered in a twenty-one inch fitment and were finished with a machine face and gloss black inserts. This spit-spoke design gives the car a more modern shape and feel, which is emphasized by the naturally flowing lines of the Porsche.

You have read this article News / porche / porsche panamera / SR Auto Group / TechArt with the title porche. You can bookmark this page URL http://rouserworks.blogspot.com/2012/06/panamera-on-pur-wheels-in-hong-kong.html. Thanks!

Lindsay Lohan Crashes Porsche 911

We’ve just learned that actress and socialite Lindsey Lohan saw the bad end of an eighteen wheeler. Yes, 25 year old just can’t seem to catch a break and has crashed a Porsche 911 into a truck.

Was she distracted because she was thinking how long it’s been since her last media scandal? According to a TMZ report we can at least take alcohol off the list since law enforcers reportedly tested both her and the truck driver, and both weren’t driving under the influence.

The 911 loops a mangled, with the whole front section of the car being completely crumpled up. Witnesses at the scene of the accident say Lindsey was bleeding and bruised, as was her passenger, a personal assistant.

The Hollywood star says she was not to blame for the accident, which took place on he Pacific Coast Highway in Santa Monica, California, as the eighteen wheeler cut her off. However, as the accident took place on a straight piece of road and the Porsche hit the back of the other vehicle, it doesn’t sound that good of an explanation.

What’s more, it wasn’t really her Porsche 911, as it was actually a rental car. Yes, it’s the brand new 911that just came out at the beginning of the year, and it’s a Carrera S, so it wasn’t cheap. Oh dear Lindsey, we hope you get better, but you need a driver and a slower car!

You have read this article News / porche / Porsche 911 with the title porche. You can bookmark this page URL http://rouserworks.blogspot.com/2012/06/lindsay-lohan-crashes-porsche-911.html. Thanks!

Top Car Vantage GTR2 – 19/50

Top Car released another set of stunning images after completing Vantage GTR2 number 19 of 50. The limited edition Porsche Cayenne aerodynamic kit seems to be selling well at the moment with this white example being the latest in a line of equally impressive Cayennes. Just fifty cars will make it to the streets, each one unique to the owners individual owners tastes.

This particular car received front and rear bumpers, front and rear fenders, side skirts and new door panels to create a bespoke, carbon fiber Porsche Cayenne Turbo. The Vantage GTR2 also gets a spoiler at the back, a diffuser, a new exhaust modeled on the Carrera GT and Gemballa models and rear fender wings. Top Car deal exclusively with cosmetic upgrades and all parts are manufactured from Carbon Fiber and Kevlar.

ADV.1 Wheels, Top Car’s choice wheel manufacturer fitted what looks like a set of ADV5.0 wheels. Top Car also gave it a custom interior complete with identity plaque. Black leather is accented with white piping, Top Car logos and glossy black surfaces. Plenty of carbon fibre accents have been used to replace the trim pieces normally found in the Porsche Cayenne.

The base for the project was a Porsche Cayenne Turbo which means the 4.8 litre V8 produces around 500hp and 700Nm of torque. Top speed is 172mph with a 0-100km/h time of 4.9 seconds. Top Car do offer performance upgrades, however, these are carried out externally and were not fitted to this car. The cost of this conversion is €43,421, the hood and the tailpipes are optional.

via: gtspirit

You have read this article News / porche / Vantage GTR2 with the title porche. You can bookmark this page URL http://rouserworks.blogspot.com/2012/06/top-car-vantage-gtr2-1950.html. Thanks!