Ferdinand. Before Piëch's board of directors was over, he was visited by an unexpected big man, none other than Georges. Soros.

"Is it true that you say that your internal preferred shares are 40 euros per share?"

In Piëch's spacious office, Soros only exchanged pleasantries, and then explained his intentions, "We want to help you resist the acquisition from Porsche." ”

"Will it help us or will it take advantage of the fire?" Piëch's originally enthusiastic face suddenly turned cold, "I have heard of the reputation of your vulture fund, and I know even more about what Mr. George has done, and I don't dare to believe it when he says it is to help us!" ”

In the past few months, there has been news that hedge funds are gathering in the acquisition of the Volkswagen Group and the Porsche Group, and several European fund managers have come to visit Piëch, including Inceman, Bräven. Howard, Blue Bay Asset Management and other well-known hedge funds. Under all sorts of pretexts, they hope to be able to lend shares from mass shareholders to go short.

Soros was more daring than they were and went straight to Ferdinand. Piëch, and with the slogan of defending the Volkswagen Group.

At this critical juncture, Ferdinand. Piëch naturally does not want more Volkswagen shares to flow into the market, because it would be like a knife to the Porsche Group. So after Soros said what he meant, the smile he had originally pretended to be disappeared immediately.

"Mr. Piëch, I know you have concerns, after all, this is a very good time." Soros is no one, just a little look at Piëch's face, he understood what he was thinking, "You can rest assured, we are not barbarians at the door, nor are we those fools from Deutsche Bank." Although we are not an M&A fund. But when it comes to takeovers and reverse takeovers, we have as much experience as any professional in the world. ”

To prevent an acquisition, the Volkswagen Group hired a team from Deutsche Bank as a financial advisor. Porsche, on the other hand, hired a team of Kaminari Brothers, whose work continues, although they are now under bankruptcy protection.

"Really?" Piëch's attitude remained cold, "How can I trust you?" ”

"It's easy!" Soros from the side of Rodney. Jones had a document in hand. "This is our Frankfurt transaction document, which details our position in short Volkswagen Group's share price, the number of short options we hold, etc. It can be said that this is definitely the top secret of the Quantum Fund, and I specially took it out to share it with you as a sign of sincerity. In addition, there are some forward contracts that we have shorted Porsche, which are also in it. ”

"What does that mean?"

Piëch took the document and flipped through it cursoryly, without studying it in detail. Throwing it aside, "Since Mr. Soros is already in front of him, let's take the trouble to explain it carefully." To be honest, I really can't read these jargon-filled documents. ”

Although he did not continue to read it, the person accompanying him quickly picked up the document and began to read it carefully. These are professionals from Deutsche Bank, although unhappy with Soros's belittling words. But at this time, they didn't have much opportunity to speak, so they could only keep their dissatisfaction in their hearts first.

"It's easy!" Soros looked at the busy Deutsche Bank staff. did not express an opinion and turned to Ferdinand. Piëch explains: "Porsche's intention to acquire the Volkswagen Group is well known, and they have been preparing for it for several years, and their determination is greater than most people think. It can be judged if not until the last minute. They will not give up their coveting of the Volkswagen Group. ”

"The question now is whether the Porsche Group is going to buy at 50.1 percent or at 75 percent. If it's 50.1%, they're not very far from that goal. If it's 75%. Then they still have a long way to go. In any case, the Volkswagen Group's share price in the market has deviated far from what it should be, which will eat up a lot of cash from the Porsche Group. In our judgment, if they attract another 5% stake, their existing cash flow will be completely depleted, including the €12 billion loan they borrowed from banks. ”

"When the Porsche Group doesn't have more cash to take out of the market, they will be forced to declare the takeover failing. That's why hedge funds are bullish on the takeover to fail. Soros concluded in a high-spirited manner, "The stock price has risen far beyond their expectations, or rather beyond everyone's expectations." In this case, it would not have been possible for Porsche to complete the acquisition, even with a 50.1% controlling stake. Therefore, we believe that at the time of high stock prices, it is not a problem to take the opportunity to sell some shares and buy them back when the Porsche acquisition fails, or even take the opportunity to take a controlling stake in Porsche. ”

"Listening to you say that, it seems to make some sense." Piëch pondered for a moment and said slowly, "At this time, it is impossible for us management to sell the shares we have, so you have put the abacus on our heads, is that right?" ”

"Yes, absolutely!" Soros said without hesitation, "Because market makers don't have many shares on hand, we can only turn to you for help." It's definitely a good opportunity to burn Porsche cash quickly. Because Frankfurt's market rules stipulate that you can't sell short on a short note, we have to do that. ”

"But what do we get?" Piëch tilted his head and thought about it, then exchanged words with the financial advisor for a long time, and his expression gradually eased, "We don't get anything but interest, which is very unfair to us, very unfair." Look, vulture funds make a lot of money, and we have to take risks, which is not a good deal. ”

"Of course, we've taken that into account as well!" Soros showed a look of clarity on his face, "One percent of the profit, in addition to the interest, we will pay one percent of the total profit to the provider, I believe Mr. Piëch will not refuse such a condition, right?" ”

"Ichisei?" Piëch's brows moved slightly, he didn't answer, and his eyes subconsciously glanced at the think tank behind him. After several Deutsche Bank financial advisors quickly exchanged glances, one of them was a handsome blonde young man who spoke: "Fifty percent, plus the market pledge of the full equity, if agreed." The contract can be drawn up now. ”

The so-called market pledge means that according to the market price of the loaned shares, the quantum fund gives the same amount of cash or other collateral. The purpose of this is, of course, to prevent Soros from "betraying". You know, no one can trust it at this time, especially when it comes to key stakes.

The wishful thinking of the Deutsche Bank adviser was. Even if Soros turns his gun, they will be able to use the price of the collateral to get enough cash in the market to buy back those shares. There will be some discrepancies, but if Soros's entire plan is successful, it will be insignificant.

"At most, I need 2.5% equity." Although Soros expected that the other party would be difficult, he did not expect it to be so difficult. He took a deep look at the Deutsche Bank advisors and took a step back, "I think this condition should be very generous." As for staking. That's fine, but the interest is gone. ”

"For the 30% share, we provide 2% of the shares, which is our bottom line, and it is impossible to provide more shares." After whispering to the advisers for a while, Piëch finally agreed, "There can't be more stakes, and if there are more, it could jeopardize the management of the current management." ”

"25% of the share. 2.5% equity. If we could, we would be able to draw up the contract now. "Soros knows not to ask too much for shares. We can only further increase the share ratio, "We will make a list of collateral as soon as possible, I hope we have a happy cooperation!" ”

"Happy working together!" Piëch held out his hand happily.

……

At about the same time, the Porsche family cocktail party finally reached its climax, and during a break in a courtesy social event, Schwartz. Porsche walked to the front of the stage. The lights dimmed just in time, and the spotlight hit him.

"Ladies and gentlemen, journalists, welcome to today's reception hosted by the family to celebrate the repeal of the Popular Law by the European Court of Justice." He began by speaking. Then we get to the point.

"It's a well-known fact that the Law of the People is not a law that guarantees fairness and justice, and I am surprised that there is such a law in a country like ours today, which has to be said to be an odd thing. Fortunately, after two years of hard work, this law was finally repealed and the free market was further opened to us. ”

"I believe this is good news for both the Volkswagen Group and the Porsche Group. I must clarify here that the acquisition of the Volkswagen Group was carried out from the perspective of operation and management, and was not a hostile takeover as advertised by the outside world. ”

"So far, we have acquired 42.6% of the Volkswagen Group, and this figure is true and accurate. In the case of the acquisition of such a large number of shares, whether to proceed with the original acquisition plan, or to change the strategy and no longer seek a controlling position in the Volkswagen Group, has caused some debate within us. ”

As soon as his words fell, the scene was in an uproar. Naturally, the reporters and guests came to know the latest progress about Porsche's acquisition of the Volkswagen Group, and now they heard the news that a Porsche Group might give up, how could they not be surprised!

"Of course, the outcome of the controversy has not yet appeared, but when there is a final result, we will definitely announce it to the public." Schwartz. Porsche was still smiling and confidently speaking to the audience, "Until then, we still want to maintain a good relationship with everyone here, the news media and even the Volkswagen Group." Thank you all for coming, and please enjoy this wonderful evening. ”

After finishing speaking, he ignored the reporters who swarmed up, and floated away with a smile surrounded by bodyguards.

……

"Who is this little brute trying to deceive?"

and Ferdinand. Piëch, Adolf. Merkler was also watching the Porsche family reception. When Porsche hinted that the Porsche family might give up on increasing its stake in the Volkswagen Group, he smiled coldly and threw the beer glass out of his hand.

"Who doesn't know about that little in your family? If nothing else, just after planning for so many years, how can you say give up and give up? Do you really play everyone like fools? ”

As a representative of the German consortium, Adolf. Merkler couldn't have gone into more detail about the Porsche family. Plus on Wolfgang. Knowing Porsche's character, he concluded that this was a trick played by the Porsche family, otherwise he would not have announced the launch of a worthless fourth generation.

"This time, I'm going to make a lot of money!"

Adolph. Merkle said with a grim face, gritting her teeth. After the last time he had a bad relationship with Zhong Shi, he was still worried for a long time, but after so long, he didn't see the other party take action in the capital market, so his heart gradually relaxed.

Now that his family business is at a critical juncture, the acquisition of Porsche and Volkswagen Group is a rare opportunity to make cash for him as a result of the bank consortium's full tightening of lending credit, which has left VEM Holding Group in a difficult cash flow situation.

There are many people who think the same way as him! (To be continued......)

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