The Porsche VW Talks Resume
Well it looks like any tension between two German auto makers has subsided…for now. Both Porsche and Volkswagen have released statements today, claiming they have restarted merger talks – and that they are still working toward finalizing the details of this move. Previously, VW stated talks had halted because Porsche was “lacking a proper integration strategy.”
Now the story gets a little afternoon soaps-like. Apparently, some of the trouble is from feuding cousins who happen to be chairmen of the two companies: Porsche chairman Wolfgang Porsche and his cousin, Volkswagen chairman Ferdinand Piech, have put aside their differences aside in order to reach the goal of combining these automotive giants.
Another road block in these talks is that Porsche will be the 20-percent stake the government of Lower Saxony owns in VW. That share gives the German state rights to veto significant decisions, which could result in further opposition to the deal.
Logo courtesy of automobilemag.com
Sep 2nd, 2009 at 9:15 am
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