Volkswagen-Porsche Merger Delayed
As a result, a Volkswagen spokesman told Financial Times Deutschland, Martin Winterkorn and Hans Dieter Poetsch, the two VW men to be put in charge of Porsche's destiny will not take their new office until later than initially predicted (the middle of September).
There is however a consensus in Germany that the merger of the two companies should not be hurried, therefore a possible delay doesn't necessarily worry those involved. As Bernd Osterloh, VW's works council head told Reuters, the merger should consider the interests of both carmakers and, most importantly, the financial health of Volkswagen shouldn't be damaged by the rapid integration of Porsche.
When the final details will be drafted, the merger agreement between VW and Porsche will be signed by Winterkorn and Poetsch, representing Porsche and CEO Michael Macht and deputy CEO Thomas Edig on behalf of Porsche.
Today's development comes after the initial deadline set for the merger (2011) was said to have been reset for 2010. In mid-August, the accelerated merger was considered necessary to cut costs through joint purchase and logistics, closer cooperation in financial services, joint development projects and the use of similar modules in both groups.