Volkswagen board approves the final details of a 49.9% stake in Porsche
tryme submitted on 11/20/2009 Official Bell & Ross Timestamp: 2:16:25 PM
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Volkswagen’s supervisory board approved taking a 49.
9% stake in Porsche, taking it one step closer to a full merger. Porsche has two controlling families, the Porsches and the Piechs, who are expected to sign the contracts. The amount that VW will pay for the stake has not been disclosed.
According to VW, the purchase of the initial stake is expected to be completed by the end of 2009 but a full merger is anticipated to be completed by 2011. In a statement, VW said that the decision to create an integrated automotive group that consists of ten formidable brands was made following “compelling industrial logic.”
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