Volkswagen, Europe's largest carmaker, has halted tie-up talks with Porsche as it said its smaller peer and major shareholder was not ready for a merger. The two companies had planned to meet on Monday to develop plans for a tie-up after the financial crisis scotched heavily indebted Porsche's plan to raise its stake in VW to 75 percent.
"We recognized at the end of the week that Porsche is lacking several fundamental conditions for the discussions," said a spokesman for VW on Sunday.
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