It was confirmed today by Porsche that it has received a 700 million Euro ($980 million) aid from VW although it insisted that it could take care of its own financial dilemmas. A spokesman for the company has said that even though there are reports that Porsche is going insolvent, he insists that that is not going to happen.
This is with reference to reports concerning Porsche’s supposed takeover of VW which has stalled and has turned into a proposal of a merger with VW instead. Last weekend VW reportedly said that it loaned the money to Porsche, its largest stakeholder, an unexpected turn after Porsche plan to take over VW did not materialize. The German carmaker, which owns 51 percent of voting stake in Volkswagen, said that the loan will mature by the end of September 2009.
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