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Porsche CEO Wiedeking quits paving way for Volkswagen deal

Porsche has announced that chief executive Wendelin Wiedeking and financial director Holger Haerter have resigned with immediate effect. Now the way is open for Volkswagen, Europe’s biggest carmaker, to take over Porsche and add to its other nine brands. The news that the Porsche chief executive is resigning is not really unexpected. Porsche’s owners have been locked in a board meeting trying to hammer out the terms of a rescue of the debt-ridden carmaker The supervisory board has decided that it will pursue the creation of an ‘integrated car manufacturing group’ with Volkswagen. Wiedeking will be replaced by Porsche Production Manager Michael Macht. Wiedeking will receive a 50-million Euro cheque, of which he will donate 50% to charity.

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