Photo: autobook.ro
Ongoing lawsuits in Germany are once again holding up the merger between Volkswagen Group and Porsche SE. This is just the latest hold up in a long list that has gone on for several years and is having a negative effect on both companies’ position in the market.
In an official press release, the two giants have briefly stated the reasons behind the delay, and these include the alleged share price manipulation made by short sellers who say Porsche secretly bought stocks to lift prices, causing them sever losses.
Thus, the joining between Porsche and Volkswagen is not going to happen this year. Both are still determined to make it happen somehow, but the timeframe is becoming ever more unclear.
“In the coming weeks, Volkswagen AG's Board of Management will analyze whether other potential courses of action exist for achieving the goal of creating an integrated automotive group with Porsche in addition to the put/call options laid down in the Comprehensive Agreement. The results of this examination will be presented to the Supervisory Board before the end of the year,” the official release states.
Thus, the joining between Porsche and Volkswagen is not going to happen this year. Both are still determined to make it happen somehow, but the timeframe is becoming ever more unclear.
“In the coming weeks, Volkswagen AG's Board of Management will analyze whether other potential courses of action exist for achieving the goal of creating an integrated automotive group with Porsche in addition to the put/call options laid down in the Comprehensive Agreement. The results of this examination will be presented to the Supervisory Board before the end of the year,” the official release states.
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