An agreement expected at the weekend between the Porsche and VW families over the planned take-over of Porsche by the Volkswagen group has been stymied - reportedly by the news that the deal could incur an 'unexpected' €3bn tax bill.
According to various reports in the financial media, the plans to sell Porsche to VW for roughly €8bn - possibly financed by a capital injection from the Gulf State of Qatar - are now back on the drawing board.
The only thing the financial media seems agreed on, is that the debacle is likely to mark the demise of Wendelin Wiedeking as Porsche chief executive. As the man responsible for getting Porsche into its present debt-ridden state (through an unsuccessful attempt to take control the much bigger Volkswagen), Wiedeking is reportedly negotiating a €100m-plus severance package, although this is still being denied by official Porsche channels.
Wiedeking - the end of an era?
It's all a bit of a set-back for Wiedeking, who until recently enjoyed a solid reputation for making Porsche such a financial success. Still, like any good soap opera, there are bound to be more surprises around the corner. Stay tuned for the next exciting episode - sigh...
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