• 07Aug

    Offers for the resignation of Wendelin Wiedeking as Porsche CEO might be as high as $141 million so the Volkswagen merger may push through. This is according to an earlier report by a German newspaper.

    The chief of the union of Porsche Uwe Hueck clarifies that no decision has been made if Wedeking will be replaced by Michael Macht who served as the past production chief of the car maker.

    The payoff has been generating a loud buzz around the auto industry but it has not been confirmed that such a deal will push through. The CEO has been under the microscope for allowing the holding company to accumulate debts of approximately $12.7 billion while attempting to takeover VW.

    Wendelin Wiedeking

    Wendelin Wiedeking

    Wiedeking also opposed the plans of VW to take a 50% stake at Porsche to ease the company of its financial burdens.

    The CEO has been the top man for Porsche since 1993 and has transformed the company from its laggard state to a profitable one until the recent financial crisis.

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  • 08Jun

    Porsche is looking at the possibilities of seeking out for outside investors amid the negotiationsFPorsche VW of a merger with Volkswagen. The car manufacturer is on a worry-seat of debt amounting to $12 billion. The company may not have an immediate access to VW’s resources but the government of Qatar has shown interest.

    The moves of Porsche are fully backed up by majority of its shareholders but the union at the Volkswagen group is still reviewing the potentials of things to come if the Porsche takeover will push through. The VW end worries that Porsche might interfere with their operations and production especially with the Audi line up which may directly compete with some of the vehicles of Porsche.

    In a recent conference in Russia, the finance minister of Qatar verbally expressed the intention of their government to acquire some stakes in Porsche. The amount of the investment and its details has not been disclosed though.

    Porsche applied for a loan with the government owned bank KfW. The auto maker is asking for a $2.5 billion dollar loan from the federal government and it will primarily be used to manage their debt.

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