Porsche boss resigns, paving way for VW merger

Holger Haerter, the financial director too is stepping down with Wiedeking with immediate effect. The resignation means Wiedeking is stand to receive €50million for leaving of which 50% of the amount is said to be made available for a ‘social foundation’ cause. Apart from the Qatar investment, the company will be looking elsewhere to inject another €5billion from unnamed sources.

The company said “The decision was taken at a late night meeting of the supervisory committee that began on Wednesday in Weissach near Stuttgart, southwestern Germany, one day ahead of schedule, in a bid to seal a historic alliance with VW, the biggest European carmaker. The basis for the creation of an integrated group between Porsche SE and Volkswagen AG has thus been laid,"

Wiedeking, who owns 51% of the company wants the company to remain independent although the tie-up with VW means that it is unlikely to be so. it is reported that Michael Macht, the chief of production is set to take over the position.

The resignation is said to have resulted from the feud between Wiedeking and the owners of the company the Piech family whose member Ferdinand Piech is the chairman of the VW Supervisory Board. Haerter, in his resignation will receive €12.5million. VW is confident the deal will succeed and Martin Winterkon, the chief executive said "We have opened the way … to the creation of an integrated group,"