The ongoing power struggle between carmakers Porsche and Volkswagen could soon reach its conclusion.
Volkswagen has increased its bid for 49.9 percent of luxury car maker Porsche to well above €4 billion from its original offer of between €3 and €4 billion , SPIEGEL has learned. The higher offer came after co-owner Wolfgang Porsche had rejected the first VW bid.
However, Porsche CEO Wendelin Wiedeking regards even the increased VW offer as too low and favors an alternative plan to rescue his indebted company -- an investment by the emirate of Qatar.
Qatar has pledged to pay around €7 billion for a stake of just over 25 percent in Porsche Automobil holding and for the VW share options Porsche currently holds.
Both plans are to be discussed at a special meeting of the Porsche supervisory board on July 23.
The board includes members of the Porsche and Piech families who have been locked in a long-running power struggle over the future of Porsche and VW. The VW group is considering holding a supervisory board meeting on the same day.
Porsche is heavily indebted due to its failed bid to acquire a majority of VW last year.