Porsche boss accuses VW of blackmail after claims he had received a takeover ultimatum
29 June 2009

Porsche has hit out at VW after the supercar maker claimed it had received an ultimatum over the potential merger of the two firms.

In a strongly worded statement, Porsche chairman Wolfgang Porsche accused VW of attempting to blackmail the firm into accepting a reworked merger plan.

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He said: “We trust that as in the past we are planning a successful future together with VW to the benefit of both companies. Hence, we are deeply concerned and irritated by the wording of the ultimatum.

“We will not give in to such pressure or blackmail. Such action does not help anybody. It is detrimental to the entire cause. This is not the way to support and uphold common interests.

“The 21st century is not the time for ultimatums. We wonder what the whole matter is really about and whether the focus is still on our common cause at all.”

Porsche added that he wanted to continue to negotiate with VW over an acceptable proposal for both companies. VW has denied his claims that an ultimatum was made.

Porsche has built up a huge debt in trying to takeover VW, and it currently owns around 50 per cent of the German manufacturer.

Porsche is currently in talks with the state of Qatar about a part takeover, while it is also considering a further application for a state loan after the first request was rejected.

Mark Tisshaw

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