Porsche considering selling 49% of sports car business to VW?
 

Filed under: Porsche, Volkswagen, Earnings/Financials
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Porsche has clearly gotten itself in way too deep in its attempt to take over control of Volkswagen, and now it's scrambling to find a way to relieve some of its crushing debt load. In addition to the possible €5 billion investment (nearly $7 billion USD) from Qatar, Reuters is reporting that Porsche's board is going to consider selling part of its car business to Volkswagen. VW AG has proposed a full merger, a plan that Porsche is resisting. Instead, it could sell them a 49% stake in Porsche AG, the car business.

Ironically, this whole ordeal began as Porsche tried to ensure that it retained access to Volkswagen systems and future components so that it could stay independent. Now, Porsche looks to be trying to avoid being subsumed into the company once pegged as its savior. Supervisory board Chairman Wolfgang Porsche has called a special meeting of the board for July 23 to discuss the company's options.

[Source: Reuters | Image: Nigel Treblin/Getty]Porsche considering selling 49% of sports car business to VW? originally appeared on Autoblog on Fri, 10 Jul 2009 13:29:00 EST. Please see our terms for use of feeds.


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