Mexican Media Brands
U.S. Sanctions on Russia Stall Porsche SE Board Assignment
U.S. economic sanctions against Russia have interfered with plans by Porsche Automobil Holding SE to add GAZ Group Chairman Siegfried Wolf to its supervisory board.
#economics
Share
U.S. economic sanctions against Russia have interfered with plans by Porsche Automobil Holding SE to add GAZ Group Chairman Siegfried Wolf to its supervisory board.
Porsche SE says Wolf has postponed the move because of U.S. sanctions imposed against GAZ and its owner, Russian oligarch Oleg Deripaska. Wolf’s seat will remain vacant, awaiting his “clearance of harmlessness” at the carmaker.
Wolf and three members of the Porsche family were to join the Porsche SE board today. The company holds a controlling stake in Volkswagen AG.
Wolf is a past co-CEO of Canada’s Magna International Inc., where he was best-known for leading an attempt in 2009 to buy Opel/Vauxhall from General Motors Co.
That deal, which GM eventually rejected, involved GAZ as a silent partner. Shortly thereafter Wolf left Magna to join Basic Element, Deripaska’s holding company, and became chairman of GAZ.
RELATED CONTENT
-
Fuel Economy Gains in July
What you’re looking at here is a sales-weighted fuel economy chart (the numbers in the white boxes represent miles per gallon) that was put together by two diligent researchers, Michael Sivak and Brandon Schoettle, of the University of Michigan Transportation Research Institute.
-
Ford’s $42 Billion Cash Cow
F-Series pickups generate about 30% of the carmaker’s revenue. The tally is about twice as much as what McDonald’s pulls in.
-
All About the 2018 Honda Accord
The common wisdom seems to be that midsize cars have pretty much had it in the U.S. new car market.