VW buys rest of Porsche

VW buys rest of Porsche for £3.6bn

Volkswagen has agreed to buy the remaining half of Porsche it does not already own for Euro4.46bn (£3.6bn).

The agreement ends a long-running struggle between the two companies, taking in family feuds and investor lawsuits.

It allows VW to speed up Porsche’s integration into its growing empire, which aims to become the world’s number one carmaker in terms of volume by 2018.

Porsche has attempted to buy VW in 2008 and attracted lawsuits from investors who alleged it misled the market.

A planned merger between the two companies last year fell apart because of risks associated with the failed bid in 2008.

The companies said it would gain Euro320m net synergies from the accelerated integration which would be split equally.

“This is good for Volkswagen, good for Porsche and good for Germany as an industrial location.

“Combining their operating business will make Volkswagen and Porsche even stronger – both financially and strategically – going forward,” said Martin Winterkorn, VW chief executive.

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