Porsche has refuted press reports that it had asked for government financial aid. A newspaper story this week suggested the German carmaker had put in for aid but the government had rejected the application.
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The German daily Handelsblatt had reported that a government committee had met on Wednesday to discuss several companies’ state aid applications and had decided not to grant aid to Porsche.
However, according to a report by Reuters today, a spokesman for Porsche said: “There is no application with the fund. There is only a normal loan application with KfW.”
The Porsche spokesman went on to say the company was in talks with banks including state bank KfW about possible loans.
Earlier this month, Volkswagen put an end to talks between the two companies, after deciding the smaller firm, its major shareholder, was not ready for such a move.
Porsche, which is heavily in debt, does not have a strategy for a possible integration of the two companies and has to sort out internally where it is headed, VW was reported to have said.
Meanwhile as reported earlier this week, it is believed that Porsche is conducting talks with a potential investor possibly from the Middle East.
