VW calls off talks with Porsche

WOLFSBURG, Germany, May 18 (UPI) -- German automaker Volkswagen said Monday it had discontinued merger talks with Porsche, a day after Porsche said the talks would continue.

Volkswagen said Porsche "is lacking several fundamental conditions for the discussions," The Times of London reported.

Porsche, however, called reports that the talks were over "irritations" and stuck to its claim that only Monday's meeting had been canceled.

VW said earlier this month that Porsche's plans to further tie the companies together was "half-hearted," the Times said.

Porsche currently owns more than 50 percent of VW. Financial difficulties prevented Porsche from an earlier effort to purchase a greater share, the Times said.