Volkswagen’s full merger with Porsche is a step nearer today after VW’s supervisory board approved taking a 49.9 per cent stake in the sports car firm.
The contracts are expected to be signed by Porsche’s two controlling families – the Porsches and the Piechs – today, although how much VW will pay for the stake has not been revealed.
VW said it expected its purchase of the initial stake to be completed by the end of the year, with a full merger set to be completed by 2011.
“The creation of an integrated automotive group with 10 strong brands follows a compelling industrial logic,” said VW. “It represents a unique opportunity for Volkswagen and is in the best interests of all shareholders.
“Volkswagen will further expand its position as the leading global multi-brand group with the inclusion of Porsche.”