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Porsche CEO Steps Down- VW Merger To Happen
Porsche CEO Wendelin Wiedeking is leaving the top-post at the company, along with the CFO Holger Haerter immediately- paving the way the way for that "on-again, off-again, who's going to own, control who?" merger that didn't happen a few months back.
Wiedeking has been running the company 16 years, through some very formidable growth and expansion at Porsche; however, he's been against any proposed merger with the Wolfsburg giant VW.
Porsche is also set to get Middle Eastern support from a Qatar investor- to help the german sports car maker out of huge debt situation.
VW patriarch Ferdinand Piech is happy. Wolfgang Porsche, grandson of founder Ferdinand Porsche told German reporters "everything is wonderful."
Typical German response.
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Wonder how David Einhorn and other VW short sellers feel today? They subsidized porsche pretty extensively last year.