The Porsche Wars: Porsche Vs Piech
"We are currently on the right path. Porsche AG will not be sold to Volkswagen," the official told the Frankfurt Allgemeine Sonntagszeitung. The result of this statement? A possible conflict between the Porsche and the Piech families.
Long story short, due to a 16.2 billion euros debt (most of it coming from the acquisition of Volkswagen stock), Ferdinand Piech started contemplating the idea of selling the company to Volkswagen. In addition, he said Porsche's CEO, Wendelin Wiedeking, as well as its CFO, Holger Haerter should be replaced by Volkswagen's Martin Winterkorn and Hans Dieter Poetsch.
On the other hand, Wolfgang Porsche supports a little less dramatic plan, submitted by Wendelin Wiedeking. According to this plan, Porsche and Volkswagen should complete a merger and become one company, headed by Wiedeking. This would in turn end Porsche's ambitions of raising their hold in Volkswagen to 75 percent.
Members of the two families are expected to meet on Wednesday and decide what the course of action should be. With this new development, as well as with the meeting scheduled to take place today between Fiat representatives and German leaders over the Opel affair, we are in for a very exciting week.