Piech has a new enemy: The taxman. Volkswagen’s planned takeover of Porsche could be a taxable event to the tune of €3b, writes the Süddeutsche Zeitung.
As the derivative-wielding duo Wiedeking and Härter are surely aware of, there are ways to circumvent this nasty detail. VW’s CFO reportedly has shown the ways. However, this needs cooperation on both sides. The Porsche side seems to be uncooperative and happy about the tax issues. If a solution can’t be found, then “the deal is off” the Süddeutsche quotes a source, notably sitting on the Porsche board. A Porsche speaker also said that “there is a problem.” Apparently, a welcome one.
It affects high politics: Lower Saxony’s premier Christian Wulff already fingered Wendelin Wiedeking as the “irresponsible” instigator of the tax discussion.
For the first time, Wiedeking signaled that he might be on the way out. Süddeutsche’s source on the Porsche board quoted Wiedeking as saying. “I cannot promise that I’ll stay if Porsche will be sold.” If Volkswagen succeeds in buying Porsche, he definitely won’t stay.
Germany’s Bild Zeitung now estimates Porsche’s debt at €14b. It used to be €9b, then more than €11b. Apparently, some of these derivative deals are going the wrong way. Porsche could be kaputt if not saved quickly.
Süddeutsche Zeitung »
Source: www.thetruthaboutcars.com
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