dave.eaton at clear.net.nz
Mon Jul 20 03:40:59 PDT 2009
now there is a surprise....
'04 allroad tdi
MUNICH -- Porsche has denied reports that its embattled CEO, Wendelin
Wiedeking, is to leave the sports car maker after Volkswagen takes a 49
percent stake in the company.
German newspapers Financial Times Deutschland and the Die Welt on Thursday
reported that the Porsche and Piech families that control Porsche have
agreed on Volkswagen Chairman Ferdinand Piech¹s plan for VW to merge the car
maker into VW group.
Porsche's deputy chairman, Uwe Hueck, said on Thursday that the families
that own Porsche Automobil Holding SE have not agreed to join forces with
Hueck said he had been promised by both families that they would make no
decision before consulting Porsche's supervisory board.
Business weekly WirtschaftsWoche said on Wednesday that the CEO would leave
Porsche and a successor will be decided on shortly. The magazine also
reported that Wiedeking would be replaced by an interim executive, who has
had management experience at both Porsche and Volkswagen.
Financial Times Deutschland named German lawyers it claims Wiedeking has
hired to advise him on leaving Porsche.
Porsche strongly denied that Wiedeking will leave the company. "Wendelin
Wiedeking is doing his job and will continue to do his job," Porsche told
Hueck, who is also Porsche's labor boss, told German television that
Wiedeking would stay in office until his contract runs out in 2012. He added
that Wiedeking preferred to strengthen the group's balance sheet by issuing
new shares and selling a stake to a Qatari investment fund.
Die Welt said the Porsche and Piech families will formalize VW acquiring a
stake in Porsche before both companies hold special board meetings in
Stuttgart on July 23.
On Thursday, Hueck said: "Hans Michel Piech and Wolfgang Porsche have given
me their word that the families will not decide anything without discussing
it with the supervisory board."
Hans Michel Piech is Ferdinand's brother and a Porsche board member. Their
cousin Wolfgang Porsche is Porsche chairman.
What those three decide behind closed doors will finally determine the shape
of any deal. The families are contractually obliged to vote together on
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