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VW denies Porsche demand

VOLKSWAGEN yesterday said it had not presented Porsche with an ultimatum to accept its plan for a merger of the two car makers, denying a media report and accusations from Porsche.

"There is no ultimatum," a VW spokesman said yesterday. He would not comment further.

Porsche last Saturday accused VW and its key shareholder Lower Saxony of extortion following a magazine report that VW and the regional state government had demanded Porsche accept a tie-up of the two car makers with VW in charge.

Der Spiegel magazine reported in its online edition last Saturday that Porsche had been pressed to agree by the end of this month that VW take a 49-percent stake in Porsche's sports car business or else face claims to pay back a 700-million-euro (US$983.8 million) loan in September.

Porsche Chairman Wolfgang Porsche and his deputy on the supervisory board Uwe Hueck said in a statement last Saturday that they had been given an ultimatum by VW and Lower Saxony and insisted that they would "not accept extortion."


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