The corporate drama that is the Porsche-Volkswagen affair, which yesterday saw the departure of Porsche chief executive officer Wendelin Wiedeking after 16 years with the company, his finance chief,  and the move to merge the sportscars brand into the VW portfolio, confused the stock market.

There was limited movement of the stock prices of both Porsche and VW while VW's common stock, which gives voting rights, fell slightly. VW's preference stock, excluding voting rights, gained about 4%. Porsche's preference shares plunged first before gaining slightly.

Stock market nerves are likely to remain until the future of the two companies is fully mapped out including the proposed merger, a capital increase, an investment from the emirate of Qatar and options on VW's stock.

Market analysts said that while it was clear VW would take over Porsche, and not the other way around, there was not enough information to judge the merger process. Shareholders had been expecting Wiedeking's departure and many investors had already offloaded stocks because of the uncertain future structure of the two companies.

Commerzbank's advice was to sell Porsche preference shares, because the planned capital hike would dilute the stakes of old shareholders. Swiss UBS also maintained its 'sell' recommendation.

Unicredit's analysts were positive in respect to VW's preference shares, expecting growth as the company would no longer have to hand out more of its own funds to Porsche.