Takeover of Porsche being finalized

Takeover of Porsche being finalized

BERLIN

German carmaker Volkswagen says it is on track to finalize the full takeover of sports car manufacturer Porsche by the end of the month.

Volkswagen AG said in a statement late Wednesdaythat Porsche AG will become another fully integrated brand of the Volkswagen group as of Aug. 1.

The Wolfsburg-based group, Europe’s biggest carmaker, includes brands such as Audi, Volkswagen, Seat, Bugatti, Benley and truck makers MAN and Scania.

The deal is also set to restructure the companies’ complicated ownership ties.

Volkswagen says the missing 50.1 percent in Porsche AG’s capital will be bought from holding company Porsche SE for $5.61 billion plus one Volkswagen share. Porsche SE, in turn, holds a sizeable stake in Volkswagen, and several executives and major shareholders are active in both firms.

Progress CEO out, gets up to $10.3M after merger

CHARLOTTE, N.C.

The Progress Energy chief executive whose sudden departure was announced hours after the merger creating America’s largest electric-utility is getting a big payout.

Duke Energy reports to the Securities and Exchange Commission that it’s paying former Progress Energy CEO Bill Johnson as much as $10.3 million. Johnson was supposed to become CEO of the combined company Tuesday, but resigned suddenly.

Last week Johnson signed a three-year employment contract that was supposed to take effect Tuesday.

Duke said in the securities filing previously reported by The Charlotte Observer that Johnson gets a severance payout of $7.4 million, a 2012 bonus of $1.4 million, and a lump sum of up to $1.5 million.

Duke Energy CEO Jim Rogers will continue in that role as head of the expanded company.

BBC names new director-general

LONDON

The British Broadcasting Corp. named executive George Entwistle its new chief on Tuesday, giving him one of the country’s top media jobs.

Entwistle, 49, will replace director-general Mark Thompson, who announced he would step down after London’s 2012 Olympics after an eight-year tenure that has seen him handle sweeping cuts to staff and services.

“I love the BBC, and it’s a privilege to be asked to lead it into the next stage of its creative life,” said Entwistle, who joined the BBC as a trainee in 1989 and most recently worked as head of the organization’s television services.

The $702,000 post will come with a raft of challenges — not least the task of delivering the BBC’s mix of entertainment and journalism amid a decline in funding.

Each British household with access to television and radio services pays a compulsory $227 fee each year, but any rises in the levy have been frozen until 2016.

Already, Entwistle — who takes up his role Sept. 17. — has agreed to take a smaller salary than his predecessor.

Associated Press