Just a few months ago Porsche made a racial move and its stock skyrocketed, however it turns out it was too much too soon and is now stuggling to keep its head above water and is asking VW to relieve them of its mounting debt. Porsche is now holding the bags of some 9 billion Euro in debts acquired by trying to consume the larger VW just before the global economic crisis hit the every aspect of car and vans production, car/ vans for sale, and car van hire industries. All this is on top of the future possible €5 billion investment (nearly $7 billion USD) from Qatar, Porsche now holds a 51-percent stake in VW.
Volkswagen has now upped its take in Porsche with a 49.9 percent stake, making it now total 4 billion Euros ($5.56 billion). Reuters is reporting that Porsche’s committee is also considering the idea of selling part of its car business to Volkswagen.
Neither car maker would comment on the transaction. However Porsche confirmed its supervisory board will hold an extraordinary meeting July 23 to discuss the matter further.
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