According to the terms of the agreement, VW would trade places with Porsche and take a 49 percent stake in the sports car manufacturer. As a result of the ultimatum, Porsche has issued a press release in which it condemns VW's move and express their irritation about the blackmail. Below you have Porsche's response to VW's threats.
"We trust that as in the past we are planning a successful future together with VW to the benefit of both Companies. Hence, we are deeply concerned and irritated by the wording of the ultimatum."
"We will not give in to such pressure or blackmail. Such action does not help anybody. It is detrimental to the entire cause. This is not the way to support and uphold common interests."
"The 21st century is not the time for ultimatums. We wonder what the whole matter is really about and whether the focus is still on our common cause at all."
"A further point: wherever used, whether in private life or in politics, and particularly in business, ultimatums have never served a positive purpose helping to reach the objective aspired."
"We sincerely hope that the perpetrators of the ultimatum, in consideration of our common interests, calm down again and follow up their proposals in internal discussions and not through headlines."
"We are open to such talks at any time.“
On Sunday, Volkswagen denied the fact that they gave Porsche an ultimatum. Even more, rumors that the state of Lower Saxony has joined VW's efforts have also been denied. "There is no ultimatum," a VW spokesman was quoted as saying by Autonews.
Volkswagen's ultimatum stated that if Porsche does not agree with the merger by later today, they will have to repay a 700 million euro debt by September, a move which would further add to Porsche's growing debt.