views

Porsche's VW spat accelerates as merger ultimatum claims denied

Volkswagen (VW) yesterday denied presenting Porsche with an ultimatum to accept its layout for a merger of the two carmakers, rebuffing the supercar maker&rsquo;s claims.<br /><br />&ldquo;There is no ultimatum,&rdquo; a VW spokesman said.<br />Porsche had accused VW and its key shareholder Lower Saxony of extortion after reports that VW and the regional state had demanded Porsche accept a tie-up of the two carmakers with VW in charge.<br /><br />Porsche chairman Wolfgang Porsche and his deputy on the supervisory board, Uwe Hueck, said over the weekend that they had been given an ultimatum by VW and Lower Saxony and that they would &ldquo;not accept extortion.&rdquo;<br /><br />Last week, Porsche said it was close to making a deal with Qatar.