Porsche off song, VW on the hunt
07-19-2009, 10:45 PM
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Porsche off song, VW on the hunt
Volkswagen deal could oust Porsche chief, WSJ says
The Wall Street Journal reports that people familiar with the matter say the Porsche chief executive Wendelin Wiedeking may be relinquishing operational control of the company. Wiedeking has come under scrutiny after a failed Porsche attempt to gain control of Volkswagen (VLKAY) backfired and left Porsche with unhealthy debt levels, making it the "hunted" instead of the "hunter". Porsche and Volkswagen are reportedly close to a deal that would give VW a 49% stake in Porsche's core auto business.
The Wall Street Journal reports that people familiar with the matter say the Porsche chief executive Wendelin Wiedeking may be relinquishing operational control of the company. Wiedeking has come under scrutiny after a failed Porsche attempt to gain control of Volkswagen (VLKAY) backfired and left Porsche with unhealthy debt levels, making it the "hunted" instead of the "hunter". Porsche and Volkswagen are reportedly close to a deal that would give VW a 49% stake in Porsche's core auto business.
