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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.

Mercedes CL 500 to be anniversary edition

This summer marks the centennial of when Daimler-Motoren-Gesellschaft and Benz & Cie separately registered their company logos in 1909. In celebration of the occasion, Mercedes has revealed a CL 500 “100 years of the trademark” anniversary edition. Daimler's was the Mercedes Star, while Benz's was “Benz” set in the center of a laurel wreath.

Vauxhall launches new extended used car warranty

Vauxhall has launched a new extended warranty for use cars, available for cars up to 70,000 miles for one, two or three years. Two years ago, Vauxhall launched its Lifetime Warranty for new cars, spurred on by warranties from the likes of Kia and Hyundai, offering buyers long-term peace of mind – and which was actually a 100k mile warranty rather than a lifetime one, but a welcome assurance for motorists nonetheless. Now Vauxhall are extending their enhanced warranty offer to use car with the launch of an extended warranty aimed to give owners of used Vauxhall’s a similar level of cover to new car buyers.