VW Head Martin Winterkorn appointed Porsche CEO
Volkswagen continues to call it an “integration”, but the company’s business relationship with Porsche is undeniably a takeover. Today VW agreed to buy a 42 percent stake in the sports car maker, paying $4.7 billion for the huge chunk of Porsche.
Not satisfied it’s a takeover? Well, how about the fact that Volkswagen’s Chairman Dr. Martin Winterkorn was appointed CEO of Porsche.
Winterkorn, sounding more like a conqueror than a merging partner said that, “Porsche is a real enrichment for our company’s portfolio.”
By adding Porsche to its “portfolio” VW will be made up of 10 automakers including Audi, Bentley, Bugatti, Skoda, Seat and Lamborghini.
Porsche’s last CEO Wendelin Wiedeking was recently ousted by the other executives at Porsche after his failed attempt to buy the significantly-larger VW company. Wiedeking opposed the sale to Volkswagen and was removed in order to clear the way for today’s deal.
[Source: Automotive News]