However, a Porsche representative admitted the carmaker has applied for support from KfW but according to his statement the state bank is yet to take a decision.
"There is no application with the fund. There is only a normal loan application with KfW," the Porsche official was quoted as saying by the aforementioned source. "And KfW did not make a decision on the loan application yesterday."
Still, the spokesman hasn't unveiled how much money Porsche is seeking to obtain through KfW financing but the company is currently struggling to cover a 9 billion euro ($12.4 billion) net debt. A separate media report on this subject issued last week said Porsche was seeking up to 1 billion euros in loans but the German manufacturer denied to comment on the matter.
German daily Handelsblatt goes even further and claims Porsche is even eying a three digit million euro loan but, once again, the reports are in very early, yet unconfirmed stage.
Porsche currently holds the majority stake in Volkswagen but, due to the aforementioned debts, the two companies are now discussing a potential merger that could eventually turn into an acquisition: VW is trying combine its operations with Porsche, a move that would allow the sports car manufacturer to pay its debts. Still, a decision is yet to make as the two sides failed to reach a common point after several rounds of negotiations.
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