Today is Ferdinand Piech's turn. His main complaint: the future company should be led by Volkswagen, sort of a Volkswagen-Porsche nameplate if you will. Piech, who supports the appointment of VW's current leadership behind Porsche's wheel, made this comment is his first public intervention since the fusion plans were made public, Autonews reported.
If you are not clear on the subject yet, at this time Porsche owns more than a half of Volkswagen's shares. Due to increasing debts, the situation can become reversed, should Piech's will be done. But until then, Piech says the 9 billion euro debt Porsche has accumulated must be brought into control before a merger plan would become viable.
Piech does not agree with the intervention of an outside investor. He "cannot imagine that VW would assume another company's risks," as he told journalists during a car launch yesterday. Still, before the plan is drafted, one thing has been already decided. The new company's headquarters will be in Volkswagen's home city, Wolfsburg. One-nil Volkswagen.
Developments on the subject are to be expected. Wolfgang Porsche is not likely to sit back and watch the event unfold, as the two sides said in a joint release last week that "Volkswagen and Porsche intensify the talks in a joint working group".