VW- Porsche Settlement Appears At Hand
July 16, 2009
Finally, Porsche and Volkswagen appear close to a settlement, according to various parties
involved who are being quoted by global media outlets.
Porsche CEO Wendelin Wiedeking told Bloomberg Television Thursday that an agreement is likely in days. He refused to provide details but he did say a proposal for Porsche to be sold to Volkswagen "is already on the table."
At the same time, Porsche is considering an offer by the Qatar Investment Authority to buy a stake in Porsche's holding company and options on Volkswagen stock. Porsche is trying to figure how how to reduce its nearly $13 billion in debt, amassed to buy a 51-percent stake as well as options for another 20 percent in Volkswagen.
The supervisory boards of both companies meet separately next Thursday in Porsche's hometown of Stuttgart.
Posted by Michelle Krebs at 1:03 PM under Companies , Personalities , Rumors | Comments (0) | digg this | Seed Newsvine
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