Porsche and Piech companies to own about half of post-merger VW?
Porsche's merger with Volkswagen is a step back from Porsche taking outright control of VW, something the automaker has been fighting various German entities to do for over a year. The willingness to co-exist is being put down to Porsche's debt levels, which can't be easy to refinance when banks are holding on to their money like a toddler guarding his last chocolate Easter bunny.
According to reports, the ten brands comprising the conglomerate will maintain their independence and might be presided over current Audi CEO Rupert Stadler. The state of Lower Saxony – the power behind the infamous Volkswagen Law – has a 20% stake and veto power concerning VW and it is likely to get up to 25% of the new company, even though it's wary of the financial risks of the merged firm. Another investor could buy 25-35% of the company, leaving the Porsche and Piech families with the remaining 45-55%.
While Deutsche Bank and Goldman Sachs continue to play with the options, negotiations between Porsche and VW are scheduled to begin this week.
[Source: Auto News, sub req'd]
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Reader Comments (Page 1 of 1)
JunkStory 11:16AM (5/11/2009)
look at the orange peel on that mediocre paint job.
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zamafir 11:26AM (5/11/2009)
I know. I for one have held back purchasing a Porsche not for the driving experience but rather the effects of macro lens focus on the badge, utterly inexcusable.
Neil 11:42AM (5/11/2009)
my first thought, "look at that orange peel..."
somehow I knew that'd be the first comment too.
Mark 12:26PM (5/11/2009)
Oh come on. It's a Porsche, with very high quality. It's SUPPOSED to look that way. Right?
TORONTO 12:40PM (5/11/2009)
yes... cause based on that photo... everyone can tell if it's a new Porsche, or an old one, or a used Porsche painted by Discount Shoes and Paint Jobs.
Automatically Porsches suck... of course.... All hail Toyota or anything JDM.
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tom 1:12PM (5/11/2009)
Great photo, crappy orange peel!
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JunkStory 4:53PM (5/11/2009)
i love porsches too, but there seems to be some over-passionate porsche-huggers making a huge deal out of my simple comment.
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Mehdi Cheddadi 5:58PM (5/11/2009)
orange peel FTL
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