Jeremy Cato of the Globe and Mail has a nice piece online that made the rounds ysterday.
The power struggle is over within Porsche.
No, no, not the epic, ego-fuelled duel between the Porsche and Piech families. But before going on to discuss the “other” power struggle, we simply must spend a moment on the spectacular tale of how one German car company lost its independence to another. The creative geniuses behind the late Dynasty TV show could not have dreamt up this one. In the end, Volkswagen’s Ferdinand Piech emerged the victor, leaving former Porsche CEO Wendelin Wiedeking with nothing but a hefty €50-million severance package to stanch the bleeding caused by falling on his sword. Wiedeking’s daring gamble to engineer a takeover of VW by Porsche collapsed under an Everest of debt – too much for Porsche to manage alone in this global recession.
Read the complete piece on The Globe and Mail
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