Tuesday, June 23, 2009

Daimler in Talks to Buy Stake in Porsche, VW

Daimler is reportedly negotiating to purchase either a percentage of Porsche, or Volkswagen, from Porsche Automobil Holding SE, according to German website manager-magazin.de. The news outlet says Daimler CEO Dieter Zetsche and Porsche chief Wendelin Wiedeking have been in talks since last May.

After Porsche purchased 51% of VW's common shares, they attempted a complete takeover of Europe's largest automaker. Porsche has about €9 billion in debt tied to the deal, leading to a limited supply of liquid cash needed to keep operations running.

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