Look Who's Talking Again: Porsche, VW resume negotiations
The way things read, Porsche might not have to get a merger deal done with Volkswagen, but it would appear to be in the carmaker's best interests if it does. The holdup seems to be Porsche – since VW still doesn't know what Porsche's financial situation is, talks broke down earlier this week. VW's labor leader, who has a seat on VW's board, has also said he doesn't want to speak to Porsche again until Porsche tells everyone what it really has in mind.
Now, though, the German corporate siblings have issued a joint statement saying, "Both companies will advance efforts toward this goal in a constructive way and in mutual agreement with all the parties concerned." Still, no one knows what that means other than a commitment to keep talking – which must count for something. In the meantime, Porsche is looking for another €1.75 billion in loans ($2.43B USD) to refinance its debt, and it is also due to receive a debt rating which could give a glimpse into what's really on the books.
[Source: Reuters]
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Reader Comments (Page 1 of 1)
Yikes 8:57AM (5/22/2009)
That inbred family controlling VW Porsche just needs to kiss and makeup.
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Beastage 9:18AM (5/22/2009)
"In the meantime, Porsche is looking for another €1.75 billion in loans ($2.43B USD) to refinance its debt, and it is also due to receive a debt rating which could give a glimpse into what's really on the books."
Wait... new loan to... pay old loan??! and that is healthy how? Porsche need to sell VW stocks, Germany's government should step in and order Porsche to dump their VW stock to repay loans otherwise it is the german tax payer who will end up paying for Porsche loans.
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