VW Takes Over Porsche for $5.6 Billion

Porsche takeover 1 photo
Photo: VW
The Volkswagen Group today announced that it has managed to fully acquire the Porsche brand, with the company set to buy the remaining 50.1 percent stake in the sports car producer for a price of EUR4.46 billion (roughly $5.6 billion) from its current owner, the Porsche SE holding company.
The VW-Porsche acquisition story started seven years ago and saw the sports car producer trying to take over VW. While this certainly isn’t a reason for Porsche to celebrate, although officially it will, VW can now move on with its plan of becoming the world’s Number One carmaker by 2018.

A Comprehensive Agreement that stated VW and Porsche would become a group has been signed in 2009, but a new one with German authorities will allow the integrated group created by the buyout to become active two years earlier that originally planned. The deal should be closed by August 1st.

“Combining their operating business will make Volkswagen and Porsche even stronger – both financially and strategically – going forward. We can now cooperate even more closely and jointly leverage new growth opportunities in the high-margin premium segment through targeted investments in pioneering products and technologies. This will benefit our customers, our employees and our shareholders”, said Prof. Dr. Martin Winterkorn, Chairman of the Board of Management of Volkswagen Aktiengesellschaft.

Let's just hope that the pioneering products mentioned by Dr, Winterkorn do not mean that Porsche's way of building cars will have to be adapted to VW's needs rather than the other way around.

You can check out the attached PDF file for the full details of one of the most important takeovers in the history of the automobile.
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 Download: Porsche Takeover (PDF)

About the author: Andrei Tutu
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In his quest to bring you the most impressive automotive creations, Andrei relies on learning as a superpower. There's quite a bit of room in the garage that is this aficionado's heart, so factory-condition classics and widebody contraptions with turbos poking through the hood can peacefully coexist.
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