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Rocky road–Porsche loses investment appeal as VW merger skids
Sweet sorrow for investors hoping to swap Porsche shares for VW as merger breaks down. With stakes in both firms, Qatar may sell its 10 percent Porsche voting stake.
September 11, 2011 12:15 by Reuters
…the VW chairman, Ferdinand Piech, is a major shareholder of Porsche.
Merging VW and its 19 billion-plus euros in net cash with a much smaller Porsche weighed down by 1.5 billion in net debt is a tough deal to sell to VW’s preferred shareholders, who must approve the deal by an 80 percent majority. ($1 = 0.714 Euros) (By Christiaan Hetzner; Additional reporting by Edward Taylor; Editing by David Cowell)
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