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New Statesman
Thursday, 13 August 2009
Car Magazine
"Did you know that Porsche, under moustachioed boss Wendelin Wiedeking, was trying to aggressively take over Volkswagen? He raised €10bn to buy shares – and on the brink of the takeover, the economy went sour, Porsche’s cash flows dried up and the plan faltered. Ferdinand Piech, the overlord of Volkswagen and Wiedeking’s former mentor, thwarted the takeover, Wiedeking has resigned as Porsche’s boss and now VW will take over Porsche, instead of David swallowing Goliath as Wiedeking originally planned. VW will refocus Porsche on being a sports car company, which means the Cayenne SUV and new Panamera limousine will be phased out in time."
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