Reports suggest Wendelin Wiedeking may be offered huge payout to clear way for VW merger
17 July 2009

Porsche chief Wendelin Wiedeking could be offered a 100 million euro (£86m) pay-off to quit and make way for a merger with Volkswagen, according to a German newspaper.

Sueddeutsche Zeitung claimed Wiedeking had been visited by Porsche chairman Wolfgang Porsche, who "made it clear" that he should step down.

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Wiedeking has been criticised for his role in allowing Porsche’s holding company to amass debts of more than nine billion euros (£7.8bn) during its failed attempt to take over VW.

He also opposes a plan by Ferdinand Piech, VW chairman and a part-owner of Porsche, to merge Porsche and VW.

But when he arrived at Audi's centenary celebrations, Wiedeking insisted that he would be staying in his position.

“I am a happy CEO and feel fit and well in the role,” he said.

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