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Porsche-VW announce united front after months of feuding

Porsche-VW announce united front after months of feuding

Nelson Ireson

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Nelson is an Editor at High Gear Media focusing on reviewing cars and covering the hottest topics in luxury and performance cars, car culture, and... More

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Though it's backwards to the way Porsche would have had it, the merger will happen

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The feud that started up between the two German companies since Porsche purchased a controlling interest in Volkswagen last month has met what appears to be an end in the aligned leadership of both companies and the Porsche and Piëch families declaring, "We stand united behind all decisions." The announcement comes just a day after Porsche increased its holding in VW to 42.6%.

How long the detente will hold is anyone's guess, but the public display of agreement is clearly intended to quell fears over infighting in the boardroom. During the meeting between Porsche and Piëch families, which compose many of the primary shareholders and officers of both companies, Ferdinand Piëch stated that he "unreservedly supports the course of Porsche Automobil SE in all points and is fully and entirely behind the chairman Dr. Wiedeking and Holger Härter and their work."

One of the major changes that will be enacted as a result of the meeting will be the dissolution of a committee formed to handle speical business relationships. According to Wolfgang Porsche, "This committee has been legally examined with the conclusion that it encroaches too much on the competences of the VW board. That's why Ferdinand Piëch will request the dissolution of this committee at the next VW supervisory board meeting."

Both families are also in agreement that the so-called 'VW law', the statute that had previously capped voting rights at 20%, whatever the share holder's actual ownership percentage, is 'untenable'. The concessions made by Porsche on job security and VW's role within the decision-making process have satisfied Piëch that state interference is unnecessary.

Finally, worker representatives at both Porsche and VW have expressed their interest in working together in future. Uwe Hück, the group works council chairman, welcomed Piëch's statement of unreserved support of the codetermination agreement, which would have both sides work together for solution of any problems that may arise.

The previous feuding had been long and varied. With everything from spy scandals to boardroom dramas in the script, it appeared not unlike a family soap opera. With this new accord struck between the Porsche and Piëch families, however, the companies appear to have risen above the fray to provide stable leadership during tough economic times.