Volkswagen Approves The Porsche Merger

VW’s board has approved the merger with Porsche AG, which is a subsidiary owned by Porsche Automobil Holding SE.

Volkswagen will purchase 49.9 percent stake in Porsche AG by the end of the year, and the full merger with Porsche Automobil Holding SE will take place by 2011.

It said that the Porsche and Piech families have signed the documents for this merger, and there will be loads of documents and contracts to be looked at before everything can be completed. Volkswagen has said that they would like the process to go as smoothly as possible.

From the press statement, “The creation of an integrated automotive group with ten strong brands follows a compelling industrial logic. It represents a unique opportunity for Volkswagen and is in the best interests of all shareholders. Volkswagen will further expand its position as the leading global multi-brand group with the inclusion of Porsche AG and the automobile trading business of Porsche Holding Salzburg.”

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