Porsche shareholders’ meeting without Piëch – The large settlement has failed – Süddeutsche.de

• Ferdinand Piëch was unexpectedly away the general meeting of Porsche. Nonetheless, the Patriarch topic in Stuttgart.
• VW CEO Winterkorn gave himself left. “? Why should I be disappointed if the Lord Piëch is prevented, that is way it is.”
• Even before the motor show IAA could lead to the following scenario: Winterkorn is Volkswagen supervisory board chairman. Matthias Müller, head of the sports car maker Porsche is CEO at Volkswagen.

From Max Hägler

It was obviously not entirely clear even in the family circle and the management whether Ferdinand Piëch appear would . this Wednesday at the annual general meeting of Porsche Holding

In the early morning, shortly before the meeting, it was announced: Piëch is not coming. Expects therefore not from the relationship, not trying to figure his way of seeing things. About the reasons was long nothing to learn throughout the day; Piëch had informed about the General Counsel that he does not come. More distance hardly goes.

His voting rights he handed to a confidante, as is usual in these bodies. “That’s his decision,” said merely Porsche supervisory board chairman Wolfgang Porsche. “I can assure you that we will continue to assume the responsibility for the Volkswagen Group and 600 000 people.” This applies for all family members of the Porsche and Piëch families. When asked whether the cousin Ferdinand Piech and the other family members inclusive, Porsche said: “Probably yes.” Praise or criticism – nil

The long-time VW patriarch resigned two weeks ago as chairman of the board at Volkswagen, but still has a seat in the supervisory board of Porsche Holding.. And on this AGM Piëch would first met after fierce leadership contest to his former pupil Martin Winterkorn. This is VW and at the same time Porsche CEO.

To what the conflict between Piech and Winterkorn?

The team Winterkorn and Piëch turned worked harmoniously together for many years and was considered successful model. In April, however, Piëch told the Mirror : “I am at a distance to Winterkorn” – and probably wanted also still the same determine his wife Ursula as a successor. All other significant owners were: That will not do! It is completely unclear why the Piëch made, probably completely uncoordinated with the Porsche clan and all other stakeholders.

He dared Winterkorn probably lead not or was mortified that this was so dominant. Anyway crashed Piëch’s enigmatic behavior the Group in a leadership crisis. There was a week-long power struggle with Volkswagen, which culminated in the fact that Piëch gave up his post as VW supervisory board.

What is this at all, this Porsche Holding?

In the Porsche Holding, which has its headquarters in Stuttgart, combine the first and foremost among themselves related families Porsche and Piëch their shares in the Volkswagen Group. You keep 100 percent of the shares conferring the right to say. This holding company, often short Porsche SE or also called PSE, produces itself nothing, is a management construct, but in turn holds 50.7 percent of VW ordinary shares.

33 billion worth of share and strokes according profits VW a. This shows that the PSE is the majority owner hierarchically above the Volkswagen Group. And the person Piëch demonstrated how powerful it reigns there. Whether the families continue to govern strongly after the departure of Piëch, will show: No one is so closely associated with cars like Piëch, also is not Wolfgang Porsche, the chairman of the PSE and also sits on the supervisory board of Volkswagen

The so-called preference shares, however, are quite widely distributed: 4,000 shareholders now gathered in Stuttgart. You can use their shares, to ask questions at the general meeting, and most importantly – how the two families – there rake in the annual dividend

With the sports car maker Porsche, the same holding has little to do -. It is so, because it is created in the course of the power struggle and the subsequent acquisition between VW and Porsche. The sports car manufacturer is in a sense two hierarchies under this holding, it’s just a brand within the Volkswagen Group.

Volkswagen The protagonists in the VW power struggle

As the patriarch but then the room was

Piëch’s place in the Porsche Arena was empty. Specifically: There was no more space there, no nameplate. Only the width of the Supervisory luxurious podium indicated: Someone is missing. Without Piëch ran it then but not from. He was subject at the owners’ representatives. Two, three shareholders mentioned the 78-year-old also on the microphone: it was he after all, the Volkswagen did to what it is now. We owe him “thanks, respect and appreciation.” There was brief applause, but less than Winterkorn. Another owner representatives leapt upon him, the Porsches, especially Wolfgang Porsche as “assassins of their own clan” to describe. Since then no one clapped.

What Winterkorn says

Martin Winterkorn gave himself left in Stuttgart. “Why should I be disappointed? If the Lord Piëch is prevented, then that’s just so,” he said. “We have many supervisory boards of Porsche SE.” And he took the stage to once again pay tribute to his work: VW, led by him, it was a company with “proven strengths”. The first quarter of this year was the best start to the year the company’s history, he said, and spoke of “substance and reliability”. Ironically. What he did not say: The second quarter has so far been the most difficult of personal view

What is changing now

The withdrawal of Piëch, this extremely competent car manager seems cemented it.?. He did not even take out his duties as owner. The question is: Will he sell his shares in the PSE? The families have a right of first refusal, approximately 1.8 billion euros will be worth its shares, 13.16 percent of the PSE common shares should belong to him. But even if the relatives do not access, the likely overthrow neither the PSE nor the Volkswagen Group with its twelve brands (Audi, over VW and Porsche to Scania) in the crisis: he is famous, but just one of many family shareholders.

Open remains, who will carry on the Volkswagen Group in the long term, the Winterkorn lead after his victory over Piëch. The Supervisory Board chair there in Wolfsburg currently has the union Berthold Huber (who also sits on the supervisory board PSE), but that is not a state in the long run. Even before the world’s most important motor show IAA therefore keep relevant people in the Volkswagen world this castling probable: Winterkorn is Volkswagen supervisory board chairman. Matthias Müller, head of the sports car maker Porsche is Volkswagen CEO

The meeting on Wednesday has not confirmed -. But also shown otherwise. Except that Winterkorn – even though he is only a hired manager, not owner -. Currently is the sole dominant figure