Volkswagen Turns The Tables On Porsche Threatening To Swallow Them Whole

Der Spiegel magazine reported in its online edition on Saturday, that Porsche Chief Executive Wendelin Wiedeking and Chairman Wolfgang Porsche had been pressed to agree by the end of June that VW take a 49 percent stake in Porsche's sports car business for 3-4 billion euros ($4.2-$5.6 billion).

VW had threatened it could insist on Porsche paying back in September a 700 million euro loan VW had provided, if Porsche rejected the offer, Spiegel online said, without citing sources.

Porsche Chairman Wolfgang Porsche and his deputy Uwe Hueck, an employee representative, said in a statement on Saturday they had been given an ultimatum by VW and Lower Saxony.

"We will not accept extortion. ... Ultimatums do not belong in the 21st century," they said.

Joe_Limon - 6/29/2009 12:01:53 PM

+8 Boost

So it is extortion to expect a loan to be payed back? I think I am missing something. Is Porsche really that arrogant?

dumpsty - 6/29/2009 12:38:14 PM

+3 Boost

It's almost impossible to really know the truth unless you an office near the VW & Porsche boardrooms. This drama having more turns than Y&R lately. Hopefully the bickering won't have a major effect on either automaker's future.

I don't see why Porsche won't let VW take majority control with an agreement to allow Porsche to operate "almost" independently.

monkeyrun - 6/29/2009 3:19:05 PM

+2 Boost

It's really not that hard to know the truth, unless you think that guy making 36k/year could get a loan for a million dollar mansion.

Agent009 - 6/29/2009 12:57:21 PM

+1 Boost

what you talkin about Willis?

Joe_Limon - 6/29/2009 1:02:11 PM

+1 Boost

I am guessing the GTR, and the debt they racked up from all of their loans?

Joe_Limon - 6/29/2009 3:48:41 PM

+2 Boost

lol, don't argue with me I was explaining what Badgewhore was talking about. Even though yes I think the GTR is cool, and yes I would prefer one over a Porsche, but no I don't care about their track built cars. It's like saying that Ferrari's are the fastest best performing cars on the planet because they have the most F1 wins. Yes they are fast, but they are by far the best in any one field.

kablaam - 6/29/2009 5:09:14 PM

0 Boost

Wait wait wait....you are saying you rather have a GTR then a Porsche Turbo, GT2 or GT3? You are seriously delusional and should lay off the drugs.

Sit in a Porsche, look at the build quality, fit/finish of materials etc, there is NO COMPARISON. Do you honestly believe Porsche makes a 70k profit per car? Let's be realistic here, the cost difference is realized in the build quality and materials.

Joe_Limon - 6/29/2009 9:12:21 PM

0 Boost

I don't believe they make 70k profit per car,(maybe on the GT2) but I do believe/have sources that say they average 20k per car. And I have to laugh at your definition of fit and finish including carpet rear seats, and a fundamentally flawed design (rear engined). Sure it has 45 years of perfecting it, but at the end of the day they still have a dynamically flawed vehicle. What you guys see as mere quirks in it's design I see as bone headed ignorance in trying to keep to "tradition".

SteedPub - 6/29/2009 2:04:29 PM

+1 Boost

Family squabbles are always the most intense.

sector - 6/29/2009 4:31:33 PM

+1 Boost

Why all the bickering, don't they realize both of their lineage was pioneered by Hitler himself? the fuhrer must be turning over in his grave by now :(

SteedPub - 6/29/2009 8:28:37 PM

+1 Boost

If they all get past this............one way or the other........

It will be interesting to see all the Dieters with their cute headset microphones at next year's Detroit Auto Show showcasing their prowess.

TheGenius - 6/29/2009 10:55:35 PM

+1 Boost

Incest redefined! What are these guys smoking? This can be no more than Piech's massive ego clashing with Wiedeking's. Either way they're a great brand together, but Porsche needs VW way more than VW needs Porsche so they'll have to work something out or no more engines and assembly help from VW. How about a 4dr R8, a serious Boxster crusher, and similar products to suck the life of Porsche away.. ha ha..

wins555 - 6/30/2009 1:19:45 AM

+1 Boost

How about a 911 Wagon? Seriously, if Porsche makes another rear/mid engined car to fit below the boxster, and still look similar, I'll turn my back on Porsche for lack of creativity.

theman440 - 6/30/2009 1:38:23 AM

+1 Boost

Great to hear that the US automakers aren't the only ones struggling.