VW now seem set to take control of PorschIf you read our report earlier today about the resignation of Porsche CEO Wendelin Wiedeking, you won’t be at all surprised that VW has now released a statement which appears to confirm that Porsche will become another VW brand – sooner, rather than later.
Porsche need a way out of the hole they are in and VW is the best way out. The two warring side of the Piech family – owners of VW and Porsche – now appear ready to swallow hard and see the inevitable happen. But will it be so bad? Frankly, it probably won’t make a blind bit of difference to Porsche – it’s just a matter of pride.
VW has released a statement which says they seek “an integrated automotive group with Porsche under the leadership of Volkswagen”. Which is pretty clear. In addition, VW Chairman Martin Winterkorn stated – “Like Audi today, Porsche can also continue its independent development under the aegis of Volkswagen and preserve its own identity.”
Sounds like it’s a done-deal, and Porsche are out of options. But the financial mess left from the attempted takeover of VW by Porsche will still necessitate an injection of funds. The likely source appears to be Qatar, who are likely to take a stake of up to 20% in the VW group, but with the Piech family remaining the major shareholders.
Perhaps now VW and Porsche can get back to making cars instead of playing bankers and hedge-brokers.
