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Volkswagen outlines terms of planned merger with Porsche
Volkswagen outlines terms of planned merger with Porsche
Posted Friday, Aug 14, 2009, 2:29 pm in Employee News
Europe’s biggest carmaker, Volkswagen AG, will acquire a 42 percent stake in sports car manufacturer Porsche AG this year as part of a plan to merge the feuding carmakers by 2011, The Detroit News reported.
The deal, announced by Volkswagen on Thursday, ends a long takeover fight that had pitted the descendants of Ferdinand Porsche against each other, the paper said. Volkswagen will pay as much as $4.7 billion for the 42 percent stake in Porsche AG as part of a complex, multistep transaction, the story said. Porsche, which took on a lot of debt to pursue a failed bid for VW, will sell most of the options it holds on VW shares to the Gulf state of Qatar, the News said.
“Volkswagen and Porsche today took a decisive step toward a joint future,” Volkswagen CEO Martin Winterkorn said in a statement. “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 No. 1.” (The Detroit News)
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Rick
Nitro Year: 2007 (1 of 113,000 sold)
Nitro Model: R/T 4X4 Stone White
CAT-BACK Exhaust, CAI, Projector Head Lamps
Fully-Equipped w/all factory options
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