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Peace brokered as Porsche and Piëch families meet to resolve difficulties

Peace looks to have returned to the boardroom of luxury carmaker Porsche AG after Wolfgang Porsche, partner and chairman of the supervisory board, revealed that the owning Porsche and Piëch families had met last week to discuss the company's takeover of Volkswagen.
 
In a statement, Porsche AG admitted that public discussion about the company's takeover of VW had "led to irritation" within the family, peaking last month when Ferdinand Piëch (pictured), chairman of VW and Wolfgang's cousin, failed to attend a board meeting.

Piëch's non-appearance led Wolfgang to say publicly that he was "appalled" by the voting behaviour of his cousin and speculation that Wolfgang was looking to oust him.
 
However, following the family meeting last week, Wolfgang revealed that the difficulties and disagreements within the family had now been resolved. "If there were uncertainties over the shared goals of the families in the VW acquisition, this was not in the interest of Ferdinand Piëch," he said.
 
This was backed up with a comment by Piëch, who stated he unreservedly supports the course of Porsche AG "in all points and is fully and entirely behind the chairman".
 
Porsche AG currently controls a 43% stake in VW but plans to up this to 50% by the end of this year and control 75% in 2009.
 
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