Volkswagen has completed its takeover of Porsche, two years earlier than planned.
Citing tough global market conditions, VW said the acquisition had been brought forward to begin increasing economies of scale.
VW chief executive Martin Winterkorn said the move will “significantly strengthen Volkswagen and Porsche, and further expand the group's product portfolio with fascinating new vehicles”.
VW paid 4.49 billion euros for a 50.1 per cent stake in Porsche, taking its ownership stake to 100 per cent. The deal ends a seven-year saga between the two firms, which was instigated in 2005 when Porsche started acquiring VW shares.
Porsche is now the 12th brand in VW's stable. VW's stated aim is to become the world's largest car maker by 2018.
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Oh dear.
Wonder what confections will come out of VW's Chocolate box this time?.........will it be the horrible Ginger choc? or the creme caramel?
Everything is now in place...
...for the glorious return of the Porsche 914, now with a 1.4TDi lump.
VW 911
It's funny how this all started from Porsche buying shares in VW. That led to porsche going into debt and then VW basically helping porsche buy themsleves.
The other more amusing thing was the big american hedge fund that lost billions short selling on VW price falling on the global downturn unbeknown that porsche was on a takeover mission.