VW poised to buy Porsche

PORSCHE&rsquo;S controlling families are this week set to agree the sale of its sports car business to Volkswagen for roughly &euro;8bn (&pound;6.9bn), according to reports in Germany.<br /><br />The rival Porsche and Piech clans, which together own 100 per cent of Porsche, are understood to be about to approve the two-stage takeover at a a supervisory board meeting on Thursday.<br /><br />Volkswagen would purchase a 49.9 per cent stake in Porsche and at a later date acquire the rest, in a deal that would create an integrated automotive group with 10 brands.<br /><br />The sale would help Porsche pay off most of its debt, which is reportedly more than &pound;10bn.<br /><br />Press reports say Porsche CEO Wendelin Wiedeking could negotiate a &euro;100m severance pay as part of the deal, although Porsche denies it.<br /><br />A separate report says that Volkswagen&rsquo;s powerful chairman and part-owner of Porsche, Ferdinand Piech, plans to remove Wiedeking from the six-man steering committee on the VW supervisory board.<br /><br />The vacancy could allow Piech&rsquo;s cousin and rival, Wolfgang Porsche, who is VW supervisory board member and Porsche chairman, to replace Wiedeking in the committee.