Porsche holding company warns of writedown in Volkswagen stake of up to €20bn

Porsche SE anticipates writing down its stake in Volkswagen by up to 40%, citing uncertainty over potential plant closures and strikes. The Porsche-Piëch family’s holding company expects to write down its stake in VW by €7bn to €20bn, and its stake in Porsche AG by €1bn to €2bn, emphasizing that the book value of both stakes will remain significantly higher than their stock market values. VW faces resistance from union IG Metall and its works council over restructuring plans, as executives argue the need for layoffs and factory closures due to declining European sales and decreased market share in China.

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