Huffpost Business

Volkswagen-Porsche Merger: VW To Finalize Full Takeover Of Sports Car Manufacturer

Posted: Updated:
Print Article
A Porsche 911 Carrera S is displayed during the Beijing International Automotive Exhibition in Beijing, China, Wednesday, April 25, 2012. (AP Photo/ Vincent Thian)
A Porsche 911 Carrera S is displayed during the Beijing International Automotive Exhibition in Beijing, China, Wednesday, April 25, 2012. (AP Photo/ Vincent Thian)

BERLIN — German carmaker Volkswagen says it is on track to finalize the full takeover of sports car manufacturer Porsche by the end of the month.

Volkswagen AG said in a statement late Wednesday Porsche AG will become another fully integrated brand of the Volkswagen group as of August 1.

The Wolfsburg-based group, Europe's biggest carmaker, includes brands such as Audi, Volkswagen, Seat, Bugatti, Bentley and truck makers MAN and Scania.

The deal is also set to restructure the companies' complicated ownership ties.

Volkswagen says the missing 50.1 percent in Porsche AG's capital will be bought from holding company Porsche SE for (EURO)4.46 billion ($5.61 billion) plus one Volkswagen share. Porsche SE, in turn, currently holds a sizeable stake in Volkswagen and several executives and major shareholders are active in both firms.

Also on HuffPost:

Suggest a correction

Around the Web

Porsche - Wikipedia, the free encyclopedia

VW-Porsche - Financial Times

VW will work toward merger with Porsche - ABC News

Volkswagen aims to wrap up Porsche purchase on Aug 1

Porsche, Volkswagen agree to speed up merger

VW, Porsche deepen production links despite stalled merger

Volkswagen CFO eyes speedy Porsche tie-up