"It is not a practicable way for us to sell 49.9 per cent of Porsche AG to VW,” a Porsche spokesman told the agency. Porsche's refusal further emphasizes the fact that VW did indeed pressure the sports car manufacturer into accepting the deal.
To make things clear, we need to look at the overall picture. Today, as you read this article, Porsche holds a 50.76 percent stake in Volkswagen, but is at the same time fighting a huge 9 billion euro debt.
According to Volkswagen's bailout plan, Qatar would buy Porsche's 50.76 percent, becoming Volkswagen's major shareholder. In exchange for the above mentioned money, Porsche would also have to give 49 percent of its stakes to VW, who will then become Porsches major shareholder.
After the two carmakers merged, things would look like this: 40 percent of the new group would be held by the Porsche and Piech families, 20 percent by the state of Lower Saxony, 15 percent by Qatar and the rest by an yet unnamed sovereign fund.
The ultimatum was deemed by Porsche as being nothing less than blackmail. "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," said Porsche in a release.
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