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    VW CEO says Porsche integration on track
Jul. 08,2010
   
 

 

ROTTACH-EGERN, Germany (Reuters) -- A $2 billion lawsuit launched by several U.S. hedge funds has not derailed the integration of Porsche Automobil Holding SE into Volkswagen AG, VW's CEO said today.

"We will stick to the (2011) timetable for the integration of Porsche," said Martin Winterkorn, who also serves as CEO of Porsche SE.

Following a bungled takeover of the much-larger VW Group, Porsche SE was forced to turn to Europe's largest automaker for a bailout after amassing more than 10 billion euros in debt.

Separately, Winterkorn said the timetable for a truck alliance of Scania and MAN, which both share VW as their largest shareholder, involved "very concrete" steps, but he declined to provide further details.

Talk of closer links between the three vehicle makers has intensified in recent weeks, prodded by industry kingpin Ferdinand Piech, chairman of both VW and MAN, who is on a quest to build the world's biggest automotive empire.


 

   
     
 
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