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Porsche quashes Audi rumours

2008-04-25 11:35
Porsche the largest shareholder in Volkswagen does not plan to break up Europe's biggest carmaker and sell or spin off its nine different brands, Porsche said on Thursday.

"There will not be any splitting up of individual brands with Porsche as large shareholder. We neither plan to spin off Audi and list it on the stock exchange nor does Porsche demand, for example, to sell Seat," said Porsche's chief legal adviser, Konrad Wartenberg.

Speaking at VW's annual general meeting, he appealed to shareholders to "trust Porsche" that neither Germany nor Volkswagen or even its workforce need a new VW Law after the former one was found to be incompatible with European jurisprudence.

"The generally applicable legislation such as the German Stock Corporation Law or the Co-Determination Law are fully sufficient to protect the interests of investors and employees," he explained.

Porsche did not plan to reduce the workforce and it had offered the state of Lower Saxony to contractually guarantee Volkswagen plants in Germany, he said.

It has proposed to shareholders to eliminate the above average 80% majority threshold necessary for key decisions that grants Lower Saxony a veto even though it controls just 20% of the votes in VW.

"Just to partly implement the ruling of the European Court of Justice is not acceptable for Porsche, since it would imply that the lower blocking minority in the VW statutes is compatible with current law," he added

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