6 of the capital of the group a little more than 50

Reconciliation between the clans Porsche and Piëch, the two families of cousins shareholders of Porsche, which had enabled them to gain final control of the Volkswagen Group, flies in chips after seven months. An unforeseen situation at the time the heavy Porsche indebtedness (16.2 billion) and the erosion of its cash flow , the plans have changed. To the new deal, two scenarios are opposed, supported by the respective leaders of the family, Wolfgang Porsche and Ferdinand Piëch branches. A new family conclave is fixed now in Salzburg (Austria), to detail the two projects in competition, and if possible a solution, because family is supposed to grant to the big issues submitted to the Supervisory Board of Porsche.

Wolfgang Porsche, President of the manufacturer of the 911 and Cayenne, the weight in the shareholding is higher than that of his cousin, argues the plan defended by his protégé Wendelin Wiedeking, Chairman of the Board of Porsche SE, the holding company umbrella Porsche and Volkswagen. It proposes, according to the German press, fuse, Porsche and VW Group in a new holding company, which would receive an injection of capital costs of the family shareholders and external investors. Since 1947, the Porsche and Piëch families control to 100, automobile construction, an important case of distribution of cars, Porsche Holding GmbH in 17 countries Europeans and in China. A possible source of funds if the families must reinvest in the automobile group. Investors from the Gulf, including the Qatar countries, could also complement the round table.

The scenario of "reverse OPA".

But a "plan B" was used by Ferdinand Piëch, the wearproof Chairman of the Supervisory Board of Volkswagen, never fails to declare: that of a reverse merger. It is then VW which would eventually take control of Porsche AG, the manufacturer of sports cars for the time being housed under the highly indebted holding Porsche Automobil SE. Porsche thus become more a brand in the portfolio of the Group of Wolfsburg, next to Audi, Skoda or Lamborghini. In this case, Wendelin Wiedeking and its financial Director, Holger Härter, would be evicted for the benefit of the leaders of Volkswagen. This is the scenario of "Reverse OPA" advocated as early as last autumn the Analyst Credit Switzerland Arndt Ellinghorst. "It is in the interest of the Porsche family for VW to take the dominant role," he explained at the time, as Porsche will largely depend on Volkswagen for purchasing, R & D or production cars.

At the time, this scenario seemed iconoclastic: Porsche was systematically raising actions and options of the VW title, which allowed him to pass early in the year of 42.6 of the capital of the group a little more than 50. Porsche had then quickly climb to 75 of VW, in order to get a "domination agreement" which would have given direct access to the cash flow of the third automaker world. But these projects were torpedoed by three elements: the crisis of the sector, debt, in more heavy service, linked to the recent purchases of securities and the famous "VW Act", which sets always a minority of blocking 20 for the Land of Lower Saxony. For now, Porsche has therefore a cross on the 80 per cent required for this "domination agreement."

To implement the steps-

technological serelles between Porsche and Volkswagen designed by engineers, a prerequisite is required now: find an agreement within the family.