The cousin's feud goes to the front, and Porsche says "No" to the public.

Abstract: The marriage of twists.　　Yesterday, foreign sources said Porsche rejected VW and the German Lower Saxony, Land Government's proposal to merge two companies, with different intentions to sell 49% of the shares. The marriage of twists. Yesterday, foreign sources said Porsche rejected VW and the German Lower Saxony, Land Government's proposal to merge two companies, with different intentions to sell 49% of the shares.　　This two companies for 8 weeks of the struggle for new corporate control from behind the scenes to the front, both sides for a long time on the issue of capital, equity issues have again presented a "difficult to reconcile" trend.　　The refusal to win 49% shares in a deal that was called "merger" rather than "merger" at the beginning of the announcement, with VW's demand for Porsche to unveil 9 billion euro debt details and Porsche's intention to introduce new capital, the two sides have been increasingly divided over financial and equity stakes, culminating in a stalemate in the negotiations. According to public and German Lower Saxony, Land government proposals, by the end of June, Porsche will agree with Qatar to buy its options in the public, while the public at 3 billion to 4 billion euros to obtain the Porsche sports car business 49% shares. If the deal succeeds, the Porsche family, together with Porsche's Ferdinand Piechy, will eventually have a 40% stake in the supercar maker, Lower Saxony, Land will have an additional 20% stake and Qatar will control 15%, while the other gold-rich fund, which Porsche has previously contacted closely, will have an additional 5　　Shares。　　Meanwhile, Porsche will accelerate the sale of VW's 24% stake to Qatar. Indeed, the debt-ridden Porsche has long been in a dilemma. Without introducing new capital, the debt problem will be difficult to solve, in the merger game with the masses will be in the wind, if the introduction of capital, especially through the sale of shares in exchange for the main support, will not only diversify the company's equity, but also the company has long been fully controlled by the family business situation was completely broken.　　So Rndt Ellinghorst, a Credit Suisse analyst, said Porsche's sale of VW shares to Qatar was a good idea. One of the few options for becoming a public equity option from Porsche's point of view, the root cause of borrowing is the control of Volkswagen, not the latter. At the same time, from the Porsche's own shareholding structure, it has been since its inception by the Porsche and Piëch two families fully shareholding, including the Porsche family 53%, Piëch family 47%. Agreeing to a stake in Qatar and the wealth fund would break the two-something family-owned business that is inextricably linked to the company.　　In view of this, it is already one of the few options for Porsche to preserve the integrity of its equity and sell it to potential capital partners first. It has been reported that the wealth fund plans to invest in 2 billion euros to share in Porsche and acquire about 25% per cent of the company, and hopes to gain further access to the Porsche minority shareholder's veto status. However thisThe proposal for the introduction of the new king was Ferdinand Piechy against the demand for equity and power.