Porsche CEO says VW power struggle almost over

Image by elanbeat via Flickr

Porsche SE is likely to reach an agreement on a stake sale in a few days, chief executive Wendelin Wiedeking told Bloomberg, when asked whether Porsche will be sold to Volkswagen. “It’s already on the table,” he said in Ingolstadt, Germany, where he’s attending the 100th anniversary celebration for Volkswagen’s Audi division. Porsche is also considering an offer by the Qatar Investment Authority to buy a stake in Porsche’s holding company and options on Volkswagen stock. Stuttgart-based Porsche is considering ways to reduce more than 9 billion euros in debt after amassing a 51 percent stake in VW as well as the options over a further 20 per cent of the Wolfsburg-based carmaker.