It looks like the auto industry’s biggest soap opera is almost over. German carmaker Volkswagen is on the verge of buying half of Porsche’s car-making business, according to German press reports, while the sheikh of Qatar is buying a stake in Porsche and options that control 20% of Volkswagen shares, from Porsche.
This could put an end to months of bitter wrangling to reach an agreement over a tie-up involving the smaller sports car maker, which already owns a more than half of VW.
The news comes a day after Porsche’s chief executive, Wendelin Wiedeking, delivered a speech to employees about the next steps in the company’s future. Porsche denied rumors that Wiedeking was leaving the company.
Shares of Volkswagen fell 1.8% to 57.00 euros ($80.30) on Thursday morning in Frankfurt, while shares of Porsche rose 2.6%, to 51.63 euros ($72.71)