As you know, Winterkorn will become CEO, while Potsch will be Porsche's CFO. The appointments of the two were approved when the supervisory board of both the manufacturers approved the contracts of implementation for the projected merger.
“All major issues concerning the creation of an integrated automotive group have now been settled. By 2011, we will have joined forces to form a new, strong group with an unparalleled model range and the highest technological competence," Winterkorn said in a release.
"We are seizing a unique strategic opportunity for all parties. With the integration of Porsche, Volkswagen is systematically continuing its successful multi-brand strategy. Porsche will benefit from new, additional openings for growth.”
The next step to be taken for the formation of the new group, set for 2011, is the acquisition of the 49.9 percent in Porsche AG by the end of this year. It all may happen on December 3, when an Extraordinary Meeting of VW is planned.
The upcoming meeting will also consider the proposal of issuing new preferred shares, a proposal which will allow Volkswagen to maintain its financial health. The new shares will also help VW by bringing a marked increase in the number of preferred shares in circulation.
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