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The saga of the ongoing family drama between Porsche and Volkswagen has Germany enthralled, reports Frankfurter Rundschau. Set for the end of July, the major manufacturer's takeover of the luxury brand comes after several months of bitter combat between the Porsche clan and the Piëch of VW, who together hold all of Porsche's voting rights.
Since acquiring a majority stake in VW in 2006, Porsche has been in debt. A merger with VW will bring a much-needed 8 million euro into its treasury. "Once again, the "old man" prevailed," comments the Frankfurter Rundschau. "Ferdinand Piëch [grandson of Ferdinand Porsche and CEO of Volkswagen] is about to succeed in building one of the world's biggest automaking empires. Nevertheless, he has not behaved decently, gradually undermining Wiedeking (the head of Porsche) and harassing him. It is about time this sordid tale came to an end," in the interest of the two famous brands and "German manufacturing", the daily concludes.
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