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2min chapter
Porsche (with Doug DeMuro)
Acquired
Porsche's Takeover by Vittkin
In October 2005, Porsche acquired an 18.53% stake in the business. In July 2006, Porsche increased that ownership to more than 25%. And part of the reason this all was able to happen is there was a lot of speculation that this German Volkswagen law would be illegal under new EU regulations. Vittkin starts loading up the holding company with cheap debt in 2007 to go buy more VW shares on the market. Ultimately, $10 billion of debt that he puts on this holding company. He's got Ferdinand Pich signing off on this. Like why would Pich go along with this? Right.
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