Volkswagen finalises Porsche takeover
Thursday 05 July 2012
Volkswagen said today it was on track to finalise the full takeover of sports car manufacturer Porsche by the end of the month.
The German car firm said Porsche AG would become another fully-integrated brand of the Volkswagen group as of August 1.
The Wolfsburg-based group, Europe's biggest car maker, 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% in Porsche's capital will be bought from holding company Porsche SE for 4.46 billion euros (£3.5bn) 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.
- 1 Half of young women unable to ‘locate vagina’ and 65% find it difficult to say the word
- 2 Perez Hilton apologises for Jennifer Lawrence naked photo leak
- 3 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 4 Mexican woman becomes world’s 'oldest person' at 127
- 5 Jennifer Lawrence 'naked sex video' will be leaked threatens 4Chan celebrity photo hacker
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Ashya King: Parents of five-year-old boy refused permission to visit him in hospital and denied bail at Spanish court
With Douglas Carswell joining Ukip, my party has taken another giant step forward
When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
Ukip Douglas Carswell defection: Tory MP jumps ship to join Nigel Farage
iJobs Money & Business
£40000 - £50000 per annum + benefits+bonus+package: Harrington Starr: SQL Impl...
£85000 per annum: Harrington Starr: Head of IT (Windows, Server, VMware, SAN, ...
£40000 - £50000 per annum: Harrington Starr: You will not be expected to hav...
£500 per day: Harrington Starr: SQL DBA/Developer SQL, C#, VBA, Data Warehousi...