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Porsche tries to rescue VW deal
19 May 2009
VW and Porsche are expected to resume tie-in talks later this week, as the battling companies seek common ground for a merger.
Last weekend VW called off talks, saying Porsche was not ready for a merger. Porsche is currently struggling to service huge debts it built up as it borrowed money to buy VW stock, in its own failed attempt to take control of the company.
VW's decision to call of the merger talks prompted 6000 Porsche workers to take to the streets in protest against Ferdinand Piech, VW’s chairman, and it now appears that the talks may be reinstated.
“The families will have to agree on clear guidelines for further negotiations. On this basis, the talks could resume,” a person close to one of Porsche’s shareholders told the Financial Times newspaper.
Martin Winterkorn, VW’s chief executive, had previously said that a "constructive atmosphere" for the talks did not exist.
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