2023 Author: Eric Donovan | [email protected]. Last modified: 2023-08-25 09:36
The merger of VW and Porsche is fraught with uncertainties. If the merger does not take place, VW boss Winterkorn does not rule out the complete takeover of the sports car manufacturer's operations.
There are financial and legal uncertainties in the intended merger of VW and Porsche. The risk is 30 percent that the merger does not take place as planned, said VW CEO Martin Winterkorn of the “Automobilwoche” published on Monday. However, the carmakers worked flat out on the basic agreement. This must be implemented by the end of 2011 at the latest. Initially, no comment was received from VW.
Claims for damages by fund companies
In addition to ambiguities in the tax framework of a merger, a final assessment of threatened claims for damages is still pending. In Germany, according to the newspaper, fund companies have filed claims for damages because Porsche has not disclosed its takeover plans for VW. US hedge funds accused Porsche and the leadership of ex-boss Wendelin Wiedeking of false information. "Our lawyers are busy with intensive exams," said Winterkorn.
In the event that a merger does not take place, Winterkorn announced in the "Automobilwoche" that it would acquire the entire operational Porsche business. VW currently has a 49.9 percent stake in the sports car manufacturer. (dpa)
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