Porsche Chief Obstructs Merger With VW

Chief Executive Officer Wendelin Wiedeking is obstructing a possible merger with Volkswagen AG, VW union chief Bernd Osterloh said, calling on the sports-car maker’s CEO “to end his ego trip.”

“Wiedeking has not yet realized that he’s part of the problem and not part of the solution,” Osterloh said in an interview with Wolfsburger Allgemeine Zeitung. “Together, one could do a whole lot of more things if Wiedeking would end his ego trip at last.” Gunnar Kilian, a spokesman for Volkswagen’s works council, confirmed Osterloh’s remarks by telephone.

Porsche, which started acquiring Volkswagen shares in 2005, has gone from the potential buyer of VW to the one struggling to remain independent in the eight-month-long battle between the German carmakers. Saddled with more than 9 billion euros ($12.6 billion) of debt, Stuttgart-based Porsche is in talks with Qatar about selling a stake as well as some options that can be converted into Wolfsburg-based Volkswagen’s stock.

MORE:>Source:Bloomberg