Porsche to Buy major stake in VW

[maxamus]

Porsche has said it will take a controlling stake in Volkswagen, in a deal that is potentially worth almost 10bn euros ($15.2bn, £7.7bn).

The maker of the luxury 911 sports car already holds 31% of VW shares and on Monday its supervisory board agreed to raise the stake to above 50%.
The move was widely expected after last year Europe's highest court threw out a law that limited shareholdings in VW.

Porsche says it is not planning to merge the two companies.

"Our aim is to create one of the strongest and most innovative automobile alliances in the world, which is able to measure up to the increased international competition," Porsche chief executive Wendelin Wiedeking said.

Porsche has argued that it needs a strong influence at VW, which makes components for a third of Porsche cars.

Regulators will look at the deal over the next few months.

Volkswagen's second biggest shareholder, the state of Lower Saxony, said it would keep its 20% stake.
The German government is debating a law that would help Lower Saxony and workers maintain their influence at Volkswagen, which is one of the nation's biggest employers.


http://news.bbc.co.uk/1/hi/business/7275703.stm



Looks good to me 

[Hurdy]

MKVI Golf GTI - suspension honed by Porsche?

Now that would be sweet

[topher]

sod the suspension.. we need the variable vein turbo off the 911

[Hurdy]

sod the suspension.. we need the variable vein turbo off the 911

Porsche powered Corrado anyone?

[vwjack]

Porsche powered Corrado anyone?

i dig that!

[ShoCk]

So could you now say VW, Audi, Seat and Porsche are all the same group?

[Tristan 2.0 8v]

So could you now say VW, Audi, Seat and Porsche are all the same group?

And Skoda!!!!!

[dabill]

lamborghini(if thats hoe you spell it) are also owned by vw...

[maxamus]

and Bentley

[maxamus]

and Buggati