Porsche-VW: a long drive

The verdict on who got the best deal in the merger of Volkswagen and Porsche is still some way off. But Porsche seems to have scored an early points victory. And the details of the tie-up between the German family-controlled carmakers confirm what a tortuous deal this is. In step one, VW is buying 42% of Porsche’s core auto unit for E3.3bn. It is also acquiring a dealership network, owned separately by Porsche’s founding family, for around E3bn. Meanwhile, the emirate of Qatar is to relieve Por...