Volkswagen has announced that as the result of recent talks in its "step towards an integrated automotive group with Porsche" (aka, takeover) it will begin by taking a significant 49.9 percent share in the German sports car maker. The process will begin this year with a final merger occurring in 2011.
Volkswagen is expected to pay 3.9 billion Euros ($5.8 Billion) for the almost 50 percent stake. Pending shareholder approval, Volkswagen will offer preferred stock next year to raise the necessary capital.
In a statement VW said that it, "remains committed to the phased integration of the two companies and is preserving the independence and the interests of Porsche."
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Report: Volkswagen Begins Takeover Process With 49.9 Percent Stake in Porsche on AutoGuide.com
Report: Volkswagen Begins Takeover Process With 49.9 Percent Stake in Porsche
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