A lot of people assume Porsche and Volkswagen have long been united. Well they kind of are. They make cars together. They share management. Winterkorn is also Boss of Porsche SE. Former Volkswagen strategist Matthias Müller is now CEO of Porsche. Go to any tradeshow: Porsche is where Volkswagen, Audi, Seat, Skoda, Bugatti etc. are. Porsche and Volkswagen are united in everything but the final signature. And that may wait a little longer.
The fusion of Volkswagen and Porsche, on the calendar for next year, may be delayed. The reason? Lawyers. There is a lot of pending action against Porsche. Investment funds sued. For several billions. In Germany, the public prosecutor investigates possible market manipulation. You don’t want to officially own a company as long as there are sinister legal threats. Worst comes to worst, Porsche goes bankrupt and THEN Volkswagen buys it for cents on the euro.
CFO Poetsch’s tax-optimized merger model also isn’t completely watertight yet, reports Automobilwoche [sub]. If they absolutely have to, Volkswagen can buy the remaining 50.1 percent outright. For arcane reasons you really don’t want to know, this is only advisable in a window that opens between November 15 2012 and January 31, 2015. But don’t worry (or don’t get your hopes up):
“”Porsche and the brands of the Volkswagen group will unite and together, they will become number one,“ promises Winterkorn. When exactly remains unclear. Before 2018?