Porsche is going through a tough time as the automaker has huge debts and it seems like nothing can save it. However, Wolfgang Porsche, the head of the supervisory board of Porsche, says that he will not sold the company after some recent rumors showed that Porsche could be sold to Volkswagen. It is said that Porsche and Piech families (the two controlling families of the automaker) will meet on Wednesday and they will decide if Porsche will be sold to VW.
Wolfgang Porsche denied the rumors and he said that the company is “currently on the right path” and that “Porsche AG will not be sold to Volkswagen.” The problem is with Wolfgang’s cousin, Ferdinand Piech, who thinks that selling Porsche to VW is the best option available right now and it would definitely clear the huge debt of the carmaker.
Piech also said that CEO Wendelin Wiedeking should be replaced with VW’s CEO Martin Winterkorn, while CFO Holger Haerter should be replaced with VW’s CFO Hans Dieter Poetsch.
It’s clear that Porsche is not going through a favorable period, however, for Wolfgang Porsche this is a family tradition which should go into the hands of the rivals. The issue here is that Porsche has a huge debt, and if VW acquires the carmaker, the deal would bring about 11 billion euros to the company which would mean that it is saved. We should hear something soon until things cool down or heat up.
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