Global Auto Rundown: Porsche, VW, Opel

The never-ending saga of the Porsche-Volkswagen reverse takeover has entered a new phase. Remember that Porsche first tried to take over much larger VW but was thwarted and now due to a mountain of debt, is currently fighting for its own independence. CEO Wendelin Wiedeking has now rejected a VW offer to buy, for more than $5.5 billion, the chunk of Porsche that builds the legendary 911. Wiedeking's play is still to get Qatar to buy a stake in Porsche and reduce the company’s onerous debt load.

Meanwhile, what seemed like a deal for Canadian parts maker Magna, in concert with a Russian bank, to buy Opel, General Motors' (GMGMQ) largest European operation, has stalled. Now RHJ International, a Belgian investment company, is reportedly in the game and close to snagging Opel.

The Porsche—what should we even call it now? A Germanic industrial psychodrama?—seems as if it's becoming the story of Wiedeking’s survival. Interesting, of course, that VW now wants to lowball Porsche on what could be the heart of its identity, the 911 franchise. No wonder Wiedeking has continued to talk to Qatar. Porsche isn't Porsche without the 911.

On the Opel deal, every time you catch up with this story, Fiat is still mentioned. It was a goal of Fiat CEO Sergio Marchionne to acquire Opel at one point, but the Germans balked because they thought Fiat would come in, cut costs, shed jobs, close factories, etc. But the Italian carmaker continues to linger at the edges of this deal …