Porsche rejects Volkswagen ultimatum for merger

Porsche rejects Volkswagen ultimatum for merger

German sports car manufacturer Porsche has rejected the ultimatum given to them by auto giant Volkswagen for a potential merger deal between the two companies.

Wolfgang Porsche said that he was willing to go into talks with Volkswagen but those talks would have to be done privately and not in media.

He warned however: “We will not be held to ransom, it helps no one.”

Porsche incidentally owns 51 percent of Volkswagen.

Porsche spoke about the warning given to it by VW: “We greatly hope that the authors of this ultimatum will support the common aim … and put forward their propositions in internal discussions and not through newspaper headlines. We are prepared for that at any time.”