A report by JPMorgan, commissioned by VW and Mr Wulff, recommended not only that Mr Piëch should step down but also that no member of Porsche's management should be able to join VW's board. Porsche intends to nominate its chief executive and chief financial officer as non-executive directors, setting up a direct clash. A person close to Porsche said: "Porsche would back Piëch if need be."
Porsche and Lower Saxony have each considered calling an extraordinary shareholders' meeting to resolve the issue but it is seen as a last resort.
People close to Porsche called parts of the JPMorgan report as "laughable," "preposterous" and "nonsensical". In particular, they are upset with three recommendations that say VW should have the unilateral right to cancel any co-operation agreement if Porsche breaks any part of it; that Porsche should not be completely free to sell on its stake to whom it chooses; and that Porsche should not be able to block a capital increase at VW. "I cannot take any of these three points seriously," said a second person close to Porsche. "They are mixing Piëch's role into the overall transaction."
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