Car industry shake-up looms as Fiat eyes Opel

(Agencies)
Updated: 2009-05-04 23:46

Battle for Porsche

In Germany, Focus magazine reported on Saturday that the Porsche and Piech families, which control Porsche Automobil Holding SE, were set to decide on a possible sale of Porsche AG and its eastern European dealer network to Volkswagen in a move to cut Porsche's holding company's debt.

But Wolfgang Porsche, head of Porsche's supervisory board told the Frankfurt Allgemeine Sonntagszeitung (FAS) on Sunday that Porsche would not be sold to Europe's largest carmaker.

Volkswagen shares were down 2.28 percent at 1320 GMT (9:20 a.m. EDT), while the DJ Stoxx European Autos index was up 0.77 percent.

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