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Porsche clan to decide sale question on Wednesday

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Porsche clan to decide sale question on Wednesday
Photo: DPA
10:10 CEST+02:00
The Porsche clan will decide on Wednesday whether to sell the sports car manufacturer to Volkswagen for €11 billion, according to weekly Focus magazine.

Wolfgang Porsche, Ferdinand Piech and the other three most important owner representatives will meet then to discuss how to solve the financial problems of the firm after failing to reach an agreement last Wednesday, the magazine says.

Piech, who sits on the VW board as well as being co-owner of Porsche, argued last week for Porsche to be sold to VW, and presented a detailed plan to the others last week.

This set the price at €11 billion, and included the immediate dismissal of Porsche boss Wendelin Wiedeking the magazine says, and would free the family of all debts in one hit.

The clan has been struggling since they bought just over half of VW.

But Wiedeking is arguing for the owners themselves to raise the money to save Porsche from being absorbed by VW.

Porsche workers' council head Uwe Hück has heavily criticised the owners, saying that the firm has produced €15 billion profit over the last decade and those who have benefited from that should put money into the company rather than plan to sell it off to VW.

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