Porsche's intervention comes after German media Financial Times Deutschland and Die Welt reported that the Porsche and Piech families have agreed to the latter's plan for the merger. The only one opposing the deal is said to have been Wiedeking.
As a result of the misunderstanding between the CEO and the controlling families of the carmaker, German business weekly WirtschaftsWoche wrote that the CEO will leave. Labor chief Uwe Huek denied the reports and told German television that Wiedeking would stay in office until his contract expires in 2012.
Still, Financial Times Deutschland says that Wiedeking has gone as far as hiring lawyers to advise him on the best way to leave Porsche.
Last week, Wiedeking came under attack from VW's union chief, Bernd Osterloh, who accused Porsche's CEO of embarking onto an "ego trip". "Wiedeking has not yet realized that he's part of the problem and not part of the solution. Together, one could do a whole lot of more things if Wiedeking would end his ego trip at last," Osterloh said.
The German media speculates that the deal the two parties have reached will transform Porsche from Volkswagen's major shareholder into its 10th brand. The final deal is expected to be signed before July 23, when both companies have scheduled special board meetings.
Google News