Porsche Forms A Collegial Partnership With VW
Deutsche Welle reports that Porsche is officially the Maus that Roared. Porsche Automobil Holdings will shell-out $15b for the final 20 percent of Volkswagen shares. Subject to regulatory approval, Porsche will gain controlling interest in Europe's largest automaker. Porsche CEO Wendelin Wiedeking called the deal "a new and collegial partnership"– immediately evoking unpleasant memories of Daimler’s "merger of equals" with Chrysler. Anyway, there’s a lot of work to be done: VW’s non-existent market positioning, overlapping brands, U.S. product quality, etc. Still, if there's even a remote chance that Porsche’s takeover– sorry, “assistance” will lead to stateside VW's becoming even a little more Porsche-like, the deal has our unqualified blessing. We’re not holding our breath.