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Winterkorn 'to lead VW/Porsche'
12 May 2009
VW CEO Martin Winterkorn is set to lead the combined VW/Porsche group.
The two companies are set to merge after Porsche ran up heavy debts buying a 51 per cent stake in VW, and then failed to raise th necessary finance to complete its aim of taking a 75 per cent stake.
Now Porsche is fighting to maintain an influence in the proposed union with VW, with Volkswagen chairman Ferdinand Piech making it clear he wants Winterkorn to run the merged company rather than Porsche boss Wendelin Wiedeking.
Piech also played down the chances of Porsche finance chief Holger Haerter taking a top job in the new group, saying his counterpart at VW, Hans Dieter Poetsch, was more credible.
He also said that the headquarters of the new group would be in VW's home of Wolfsburg.
However, before any merger goes ahead Piech said that Porsche would need first to get its 9 billion euro ($12.3 billion) of debts under control.
"I cannot imagine that VW would assume another company's risks," said Piech, who is also a shareholder in Porsche.
He also ruled out selling a stake in Porsche to an outside investor.
The merger deal is expected to be concluded within four weeks.
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