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VW restructure on the cards

2008-10-07 09:57
Porsche, Volkswagen
Porsche plans to set up a new management model for Volkswagen once the luxury carmaker has completely taken over Europe's biggest automaker, its Chief Financial Officer was quoted as saying.

"I am working right now on a joint paper on the future management model together with my finance colleague at VW. We will be discussing this with the VW and Porsche board of directors," Holger Haerter said in an interview in the Monday edition of German daily Handelsblatt.

He added he expected the model to gain tentative approval this year.

Porsche is in the process of increasing its 35% voting stake in VW to an absolute majority. The state of Lower Saxony controls 20% of VW, a blocking minority.

Haerter also said for the first time that VW managers would be included on the management board of Porsche SE, the holding company which controls the shareholdings in carmakers VW and Porsche.

Haerter and Porsche Chief Executive Wendelin Wiedeking are currently the only members of the Porsche SE board.

In a separate interview with Financial Times Deutschland on Monday, Haerter said that contrary to expectations by Porsche rivals, his company expects the dollar to fall further against the euro in the medium term.

But he said Porsche - whose US sales contribute 30% to group revenues - is well prepared to offset the effects of a depreciating dollar.

"We have almost completely hedged until 2013 our US dollar-invoiced revenues against this possible scenario," he said.  

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