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Volkswagen CEO says merger with Porsche may not be concluded next year as planned

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BERLIN - Volkswagen AG's CEO says that the car maker's planned merger with Porsche AG may not be completed next year as planned.

The German news agency DAPD reported that Martin Winterkorn said at a Porsche event in Stuttgart Tuesday the merger "may be delayed."

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Winterkorn pointed to court proceedings and questions over tax issues as grounds for the possible delay.

Porsche accumulated heavy debt in a failed earlier attempt to take over the larger Volkswagen.

The merger now planned will add the Porsche brand to a Volkswagen stable that includes luxury car makers Audi and Bentley, as well as the mass-market Skoda, Seat and VW.

Volkswagen shares rose 0.9 per cent in Frankfurt to €92.35 ($128.59). Porsche was down 3.5 per cent at €41.21.

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