Sunday 17 May 2009 8:00 pm

VW axes talks with Porsche

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GERMAN carmaker Volkswagen (VW) said yesterday it was abandoning talks with its major shareholder, Porsche, which were scheduled for today.

A spokesperson for the company said there was “currently no atmosphere for constructive talks.”

The meeting had been called to discuss the possibility of a planned integration by VW into Porsche.

But VW put a dampener on proceedings after saying that Porsche would have to slash its €9bn debt pile before the two carmakers could integrate.