Porsche chief quits

• Wiedeking resigns from Porsche
• Merger between Porsche and VW expected
• €50 million leaving package

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Porsche's chief executive, Wendelin Wiedeking, has resigned - paving the way for a merger between Porsche and Volkswagen.

Wiedeking's departure was announced after an all-night meeting of Porsche's supervisory board.

Volkswagen's own supervisory board is scheduled to meet at noon today and is expected to confirm that it will take control of Porsche.

Porsche said Mr Wiedeking will get a leaving package worth €50 million, with half of that cash going to a 'social foundation'.

Mr Wiedeking was credited with turning around Porsche in the 1990s, but it's now some €9 billion in debt following his attempts to acquire more shares in Volkswagen during a long-running battle with the head of VW's supervisory board, Ferdinand Piech.

Michael Macht, currently the board member of Porsche AG in charge of production and logistics, will take over as CEO.