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Porsche: We won't break up VW

2007-10-30 12:27
Frankfurt - Sports car maker Porsche denied a German magazine report that it plans to break up Volkswagen.

WirtschaftsWoche reported in a preview of its Monday edition that Porsche was seriously considering the option of breaking Europe's biggest carmaker into individual companies.

"That is absolute rubbish. There are no such plans. That is the thinking of hedge funds, not of Porsche," said a Porsche spokesperson on Saturday.

Porsche holds 31% in Volkswagen and may boost its stake to a majority after a German law capping its voting rights was recently struck down.

In a setback to VW workers, a court this week also let Porsche create a new European holding company, Porsche Automobil Holding SE, into which Porsche plans to put its VW stake. VW labour leaders are trying to get more influence at Porsche Automobil in case Porsche does raise its shareholding.

The dispute has triggered a rare public split between the works council heads at VW and Porsche.

But the Porsche spokesperson said on Saturday that Uwe Hueck, of Porsche, and Bernd Osterloh, of VW, planned to meet on Tuesday to set aside their differences, confirming a report in Germany's Focus magazine.


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