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VW drives off Porsche talks
Source: Agencies |
May 18, 2009, Monday
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VOLKSWAGEN AG has called off the next round of talks over a planned integration with sports car maker Porsche SE, saying the atmosphere is not right for constructive discussions, officials said yesterday.
The Wolfsburg-based car maker had pulled out of the next round of talks at the working group level that were set for today, VW spokeswoman Christine Ritz told The Associated Press.
VW Chairman Ferdinand Piech and members of the Porsche family - controlling shareholders of Porsche Automobil Holding SE - will come together at a meeting of Porsche's supervisory board today, she said.
Porsche declined to comment.
Earlier this month, Piech and the Porsche family agreed on a plan to integrate the Porsche car-manufacturing group with Volkswagen, under which the independence of the 10 brands of both companies would be ensured.
But Piech threw the plan into question last Tuesday, by saying Porsche must cut its debt before an integration could be possible, referring to the 9 billion euro (US$12.22 billion) in net debt Porsche took on as it brought its stake in Volkswagen up to 51 percent last year.
The Wolfsburg-based car maker had pulled out of the next round of talks at the working group level that were set for today, VW spokeswoman Christine Ritz told The Associated Press.
VW Chairman Ferdinand Piech and members of the Porsche family - controlling shareholders of Porsche Automobil Holding SE - will come together at a meeting of Porsche's supervisory board today, she said.
Porsche declined to comment.
Earlier this month, Piech and the Porsche family agreed on a plan to integrate the Porsche car-manufacturing group with Volkswagen, under which the independence of the 10 brands of both companies would be ensured.
But Piech threw the plan into question last Tuesday, by saying Porsche must cut its debt before an integration could be possible, referring to the 9 billion euro (US$12.22 billion) in net debt Porsche took on as it brought its stake in Volkswagen up to 51 percent last year.
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