“We understand the concern of the European Group Works Council of VW in the light of a number of press reports without a basis in recent weeks. As a matter of course the forming of an integrated car manufacturing group implies the mutual assessment of both companies involved by accounting firms. The results have to be checked and approved by the boards of both companies - Board of Management as well as Supervisory Board," Porsche said in a release.
To remind, Porsche and Volkswagen now plan to create a single automotive group, largely due to the fact that Porsche, who is VW's largest shareholder, has accumulated billions in debt. Volkswagen, after canceling at least one meeting regarding the merger, now asks for clarification on Porsche's financial standing.
"We are convinced that the targeted integrated car manufacturing group is the best industrial solution for all stakeholders involved. That is the case for the companies as well as for the respective workforce. Thus we do not want to put anybody under time pressure," continued Porsche.
"The employees of Porsche without any doubt are backing the Management of Porsche SE as they have shown and demonstrated in several works meetings. The Porsche Group Works Council has in its latest meeting on Friday May 29 unanimously confirmed this. Porsche as a company has an equity ratio of 45 percent and – in the face of the actual economic crisis – still achieves double digit operating margins even if due to the ongoing tensions in the capital markets as well as in the credit markets the closing of a credit line of Euro 12.5 billion – of which more than Euro ten billion are already secured - is delayed. We do work on this."
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