An integrated automotive group has been agreed on, with Porsche led by Volkswagon
The comprehensive agreement seals the creation of a joint group with 10 brands.
Under this agreement, Volkswagen will initially take a 42 per cent stake in Porsche AG by the end of 2009, and it will also see the family shareholders selling the automobile trading business of Porsche Holding Salzburg to Volkswagen.
The plans will culminate in the merger of Porsche SE with Volkswagen. This is expected to be completed in the course of 2011, and will require the approval of both companies’ shareholders.
Porsche will remain an independent company headquartered in Zuffenhausen. The details for implementing the concept will be finalized in the coming weeks.
At the same time, negotiations with the Emirate of Qatar to acquire options on Volkswagen shares will continue, and talks will be initiated with Porsche’s financing banks to discuss the overall concept.
Prof. Dr. Martin Winterkorn, Chairman of Volkswagen Aktiengesellschaft’s Board of Management, says: "Volkswagen and Porsche today took a decisive step towards a joint future. As a group with now 10 strong, independent brands we will further expand our unique global position. More than ever before, we now have what it takes to become the automotive industry’s number one."