Porsche had sought a $2.45 billion loan from Germany's state bank KFW, but the bank rejected the loan on Tuesday, reports Reuters.
Earlier this week Porsche rejected an offer from Volkswagen in favor of a deal still under discussion with Qatar's state-owned Qatar Investment Authority. The end goal, whatever the source of funds, is to find a way to service the roughly $12.5 billion debt the company holds.
Porsche's dramatic saga with Volkswagen has been well-documented - too well, really - and so while this latest development lacks the excitement of an espionage scandal, it's potentially more important in the long term. Since Porsche now knows it has no safety net, the fight for integration with VW is one of survival as much as expansion.