VW considers move for Porsche
The Financial Times reports that Volkswagen is considering an audacious bid for Porsche’s automotive business, in another extraordinary twist in the corporate saga surrounding Germany’s most famous car dynasty. That would turn upside down Porsche’s takeover of Volkswagen, which started more than three years ago.
Volkswagen is Europe’s largest car company with a turnover 15 times as great than Porsche’s.
The move would allow Ferdinand Piech, grandson of Ferdinand Porsche, the founder who designed the Volkswagen Beetle, to integrate the sports carmaker into Volkswagen as its 10th marque and thus finalise his task of reuniting his family heritage.
The Porsche and Piech families jointly own Porsche SE, the Porsche holding company, as well as 50.76 per cent of Volkswagen’s shares.
The potential acquisition of Porsche by Volkswagen is viewed as one solution to helping the sports car manufacturer overcome its €9 billion debt mountain. Full story…
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