Porsche/VW: Who’s got leverage now?

Revenge is sweet. Volkswagen, the German car behemoth which agreed last week to some sort of merger with its majority shareholder, luxury car maker Porsche AG, has the means to drive a hard bargain. VW is adamant that the heavy debt, E9bn worth of it, at the Porsche holding company (Porsche SE) shouldn’t compromise its own credit ratings. That’s easier said than done, but a prerequisite is that Porsche come clean on the extra liabilities that come with its options on Volkswagen’s shares. Porsch...