Volkswagen has set the stage to buy out Porsche, ready to acquire the renowned sports-car company in two stages beginning this week. The price tag: $11.28 billion. The reported deal would require the deposing of Wendelin Wiedeking, Porsche CEO since 1993, who is said to be negotiating a severance package of more than $140 million. Wiedeking, who opposes the VW merger proposal, denies that any such deal is pending. Wiedeking is largely credited with turning Porsche from a struggling, nearly bankrupt automaker into a highly profitable automotive powerhouse, but he also is blamed for Porsche amassing a mountain of debt last year as it attempted an ill-advised takeover of VW.
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