Former Porsche chief financial officer Holger Haerter has been fined €630,000 by a German court for credit fraud in a criminal case over the refinancing of a €10bn loan during a failed bid to buy Volkswagen in 2009.

Volkswagen AG said today it will pursue an eventual merger with Porsche SE under VW’s leadership, promising the luxury sports car maker will retain its independence.

Porsche chief executive Wendelin Wiedeking is leaving the luxury sports car maker after 16 years at the helm, a move widely expected to clear the way for a merger with Volkswagen AG.