Just yesterday, it was reported that Volkswagen and Porsche have hit the brakes on tie-up talks. Volkswagen said that Porsche wasn’t ready for merger and is “lacking several fundamental conditions for the discussions.”
Today, the cousins who run Porsche and Volkswagen have made peace and have agreed to proceed once more with the merger of the two German automakers. Both, Porsche Chairman Wolfgang Porsche and Volkswagen Chairman Ferdinand Piech, put out statements saying that they remain focused on the goal to tie-up both automakers despite the lack of cooperation by Volkswagen’s leader.
“Both companies will advance efforts towards this goal in a constructive way and in mutual agreement with all the parties concerned,” the two-sentence statement said.
Porsche currently holds 51 percent of Volkswagen’s voting stock and is now looking to seek a merger by early June.
– By: The Daily Auto Editor