They leave with coquettes allowances 50 million and 12

Porsche and Volkswagen have finally asked yesterday the bases of their reconciliation, putting end to almost four years of clashes. The constructor of the Golf has decided to gradually buy motor activities of his compatriot of Stuttgart, to merge term. Operation sign the end of the independence of Porsche AG, which should become a tenth mark of this group integrated alongside Audi, Seat and Skoda. This union will be constructed with the help of Qatar Investment Authority. The sovereign funds will acquire 17 of the options on shares held by Porsche in Volkswagen (VW) and could, moreover, enter in the amount of EUR 2 billion in the capital of the constructor of the 911. The Supervisory Board, met secretly in the night of Wednesday to Thursday, approved a capital increase of at least 5 billion. Shareholders families should provide the remaining 3 billion, including providing their Austrian society, the first European car dealership.

This is the result of a compromise between two camps competing for months on the distribution of power within the new giant: on the one hand, Ferdinand Piëch, Chairman of the Board of supervision of Volkswagen and Porsche shareholder, supported by the Lower Saxony and the representatives of the Union IG Metall to Wolfsburg. On the other, the pattern of Porsche, Wendelin Wiedeking, submitted by Wolfgang Porsche, cousin of Ferdinand and also shareholder. It is the first camp had the upper hand, by obtaining the integration of Porsche in VW. But the second succeeded to wrest the intervention of an outside investor to reduce the debt of the Group of Stuttgart and avoid to be purchased for a small price. All the details of the reconciliation will be known in a VW Supervisory Board on 13 August, said Martin Winterkorn, the pattern of the constructor.

Outstanding matters

This decision sign the final failure of the attempted takeover of Porsche on VW. From 2005 to 2008, the first is mounted in the capital of the number a European automobile, through action options. But the financial crisis and the fall of the automobile markets have reversed the situation (see below) and Porsche is resolved to begin early may, a merger discussions. Unsurprisingly, Wendelin Wiedeking and financial Director, Holger Härter, authors of this failed assault, left their functions. They leave with coquettes allowances, 50 million and 12.5 million EUR, but also with the knowledge of the system of options that they themselves have mounted respectively.

At Porsche, sought to save appearances. "Trust me, the Porsche myth lives and never disappear", said yesterday Wolfgang Porsche, at a general meeting of employees, ensuring that the manufacturer can now "negotiate as equals with VW". Christian Wulff, Minister-President of Lower Saxony, shareholder at 20 of Volkswagen, has assured that Porsche will retain the same autonomy as Audi, purchased in the 1960s. Berthold Huber, IG Metall pattern, has proposed that employees have "a certain number of shares" of the integrated group.

Many questions remain unanswered, including the governance of the new set, its shareholders or valuations. "The increase in capital of Porsche clearly means that rumours of a VW on Porsche 8 billion offer is swept aside", indicated in a note in HVB analysts, who believe that the manufacturer of sports cars is rather 13 billion. The dream of Ferdinand Porsche, founder of the eponymous group in 1931 and the father of the beetle, see met two creations is taking shape.