Volkswagen finalises Porsche takeover
Thu July 5, 2012 3:03pm
GERMAN company Volkswagen says it is on track to finalise the full takeover of sports car manufacturer Porsche by the end of the month.
Volkswagen said in a statement late on Wednesday that Porsche would become a fully integrated brand of the Volkswagen group as of August 1.
The Wolfsburg-based group, Europe's biggest vehicle 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 per cent in Porsche AG's capital will be bought from holding company Porsche SE for 4.46 billion euros ($A5.47 billion) plus one Volkswagen share.
Porsche SE, in turn, holds a sizeable stake in Volkswagen and several executives and major shareholders are active in both firms.