Volkswagen calls off next talks with Porsche

Volkswagen says the atmosphere is not right for constructive discussions.

May 18, 2009 10:32


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

Volkswagen AG has called off the next round of talks over a planned integration with sports car maker Porsche SE, saying the atmosphere is not right for constructive discussions, officials said Sunday. The Wolfsburg-based car maker had pulled out the next round of talks at the working-group level that were scheduled for Monday, VW spokeswoman Christine Ritz told The Associated Press. VW chairman Ferdinand Piech and members of the Porsche family - controlling shareholders of Porsche Automobil Holding SE - will come together as planned at a meeting of Porsche's supervisory board Monday, she said. Porsche declined to comment. Earlier this month, Piech and the Porsche families agreed on a plan to integrate the Porsche car-manufacturing group with Volkswagen, under which the independence of the 10 brands of both companies would be ensured. But Piech threw the plan into question Tuesday, by saying Porsche must reduce its debt before an integration could be possible, referring to the €9 billion in net debt Porsche took on as it brought its stake in Volkswagen up to 51 percent last year.

Related Content

The Teva Pharmaceutical Industries
April 30, 2015
Teva doubles down on Mylan, despite rejection