Reuters reported that several outcomes remained possible to a power struggle pitting Porsche SE against Volkswagen a day ahead of an expected showdown between the carmakers' rival factions.
At stake is control over the car making powerhouse set to emerge from any deal between the two, an issue that has split the extended clan that owns Porsche.
Two people familiar with the matter said that one day ahead of planned supervisory board meetings at both companies that could put an end to months of wrangling, there were still a number of roadblocks to be cleared.
Porsche SE, the holding company that controls sports car maker Porsche AG, needs to dig itself out of a debt hole and strengthen its negotiating position. It accumulated the debt amid failed efforts to seize full control of VW that left it with a stake of nearly 51%.
It may be noted that the Porsche and Piech families have been at loggerheads for months over how to resolve its debt woes and the role Volkswagen would play in the whole deal.
A sale of Porsche AG to Volkswagen would help Porsche SE pay off most of its debt, which sources have said stands at more than EUR 10 billion.
Mr Wendelin Wiedeking CEO of Porsche has been pushing a possible deal with Qatar that would give the Gulf state a 20% stake in Volkswagen via derivative contracts.
Meanwhile, speculation has been heating up over whether Wiedeking may be forced to leave the company and the Porsche family’s talks with the CEO over his possible departure were in their final stages.
However, Porsche said that Mr Wiedeking was set to present his concept for the company’s future to the supervisory board today. It also remains unclear whether Mr Ferdinand Piech, a co owner of Porsche and chairman of Volkswagen, would support the plan to strike a deal with Qatar.
