porsche automobil hldg-prf (PAH3) Snapshot

Porsche Automobil Holding SE (DB:PAH3) is believed to be in talks to acquire 10% stake in MobilEye Vision Technologies Ltd. for $150 million, according to Calcalist financial news. The report added that Mobileye is considering to bring in three to four new partners who would invest between $300 million and $500 million in the company in return for 20% to 30%. The Blackstone Group L.P. (NYSE:BX) and Fidelity Investments are also expected to invest between $100 million and $150 million each, Calcalist said. Officials at Mobileye declined to comment on the report to Reuters.

Porsche AG has named Deesch Papke as its new chief of the Chinese market, effective July 1, 2013. The new chief was the head of overseas and growth markets. Papke will replace Helmut Broeker, who will take over the leadership of the sales regions that Papke is currently overseeing.

Porsche Automobil Holding SE reported earnings results for the first quarter of 2013. For the quarter, the company achieved a profit after tax of EUR 601 million in the first quarter of 2013, mainly as a result of the profit from investments accounted for at equity. In the reporting period, this profit only contains the profit contribution of the Volkswagen group attributable to Porsche SE. In the first three months of the fiscal year 2013, the financial result came to EUR 10 million. In the fiscal year 2013, the consolidated profit/loss will be largely dependent on the profit/loss of the Volkswagen group accounted for at equity that is attributable to Porsche SE. In view of the Volkswagen group’s expectations regarding future developments in the current fiscal year, the company continues to expect a profit from investments accounted for at equity and thus an overall profit after tax at group level in the low single-digit billion-euro range.