A face-saving compromise is set to resolve the months-long power struggle between Volkswagen and Porsche SE over who will control the carmaking powerhouse they seek to forge.
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The families that own Porsche are close to a compromise agreement that would allow Volkswagen to take a stake of nearly 50 percent in the sports car maker, sources told Reuters.
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Porsche CEO Wendelin Wiedeking could be offered a 100 million euro payoff to quit the sports car maker to make way for a merger with Volkswagen, Germany's Sueddeutsche Zeitung said.
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Purchasing officials at Volkswagen Group have sourced $238 million in local annual parts contracts so far for the new mid-sized sedan VW will build in Chattanooga, Tenn., starting in 2011.
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Purchasing officials at Volkswagen Group have sourced $238 million in local annual parts contracts so far for the new mid-sized sedan Volkswagen will build in Chattanooga, Tenn., starting in 2011.
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Porsche has denied newspaper reports that its embattled CEO, Wendelin Wiedeking, would leave the company after Volkswagen takes a 49% percent stake in the business.
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Porsche has denied reports that its embattled CEO, Wendelin Wiedeking, is to leave the sports car maker after Volkswagen takes a 49 percent stake in the company.
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Porsche has denied reports that its embattled CEO, Wendelin Wiedeking, is to leave the sports car maker after Volkswagen takes a 49 percent stake in the company.
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Porsche has denied reports that its embattled CEO, Wendelin Wiedeking, is to leave the sports car maker after Volkswagen takes a 49 percent stake in the company.
Full story...
Porsche has denied reports that its embattled CEO, Wendelin Wiedeking, is to leave the sports car maker after Volkswagen takes a 49 percent stake in the company.
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Volkswagen Mexico has said it will start producing a new model at its plant next year, as it invests US$1bn to expand the site, but a company spokeswoman declined to say which model.
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Lower Saxony's prime minister Christian Wulff has demanded that the families controlling Porsche settle their differences and decide on whether to seek an integration with Volkswagen or not.
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The fight to control Porsche took a dramatic twist on Wednesday when it was reported that Volkswagen and Porsche would hold special board meetings on the same day in the sports car maker's home city.
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Porsche Automobil Holding SE's supervisory board will discuss only a possible sale of a stake to Qatar at its next meeting on July 23, rebuffing plans by Volkswagen to push forward a merger of the two carmakers, German daily newspaper Bild...
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Porsche Automobil Holding SE's supervisory board will discuss only a possible sale of a stake to Qatar at its next meeting on July 23, rebuffing plans by Volkswagen to push forward a merger of the two carmakers, the German daily Bild...
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Volkswagen will start producing a new model at its plant in Mexico next year as it invests $1 billion to expand the site.
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Volkswagen will start producing a new model at its plant in Mexico next year as it invests $1 billion to expand the site.
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Volkswagen will start producing a new model at its plant in Mexico next year as it invests $1 billion to expand the site.
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German automaker Volkswagen is on a real hot streak. After announcing their goal of becoming the number one manufacturer in the world within the next 10 years, executives now have confirmed plans to invest $1 billion in the Mexican plant where the New Beetle, Jetta and Bora (the latter not available in Canada) are currently being produced.
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