Volkswagens rarely outmanoeuvre Porsches. But the extent to which the cash-rich maker of the Golf, helped by the global downturn, has turned the tables on the debt-laden creator of the 911 is now clear. Porsche’s controlling families – which include Ferdinand Piëch, Volkswagen’s chairman – agreed this month to pursue a merger with VW, ending Porsche’s hopes of using its substantial VW options as a means of increasing its stake from 51 to 75 per cent. Ever since, Mr Piëch has pressed home his advantage.

First, by sniping at Wendelin Wiedeking and Holger Härter, respectively Porsche’s chief executive and finance director, Mr Piëch signalled that VW’s price for a deal was that its management would take control. Second, by suggesting Porsche’s €9bn debt must be reduced before any tie-up, he made clear it could not simply expect to be bailed out by VW’s €10.7bn in cash. Now VW has suspended talks until Porsche opens up about its finances – even though Mr Piëch, as a Porsche board member, ought to have pretty good information on these.