German sports car manufacturer Porsche is asking Germany's KFW state-owned banking group to bail it out to the tune of 1.75 billion euros. The company has been trying to find a financial backer for weeks.
Porsche got into difficulties after trying to take over Volkswagen, which is 15 times its size. The two companies are negotiating on a possible merger, but even if the attempt is successful, Porsche will not be out of trouble as the concern has debts of nine billion euros.
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