After two weeks of intensive talks - following two years of rumours - it would appear that a preliminary integration deal has finally been struck between Porsche and VW.
Both German marques have confirmed an integration agreement which will see them merge as a single entity with 10 different brands under one banner.
Porsche has stated that the "creation of an integrated car manufacturing group" would include Porsche Automobil Holding SE and the nine VW satellite brands of Volkswagen passenger cars, Volkswagen commercial vehicles, Audi, Lamborghini, Bugatti, Bentley, Seat, Skoda, and Scania Commercial vehicles.
"In the final structure 10 brands shall stand below an integrative leading company alongside each other, whereby the independence of all brands and explicitly also of Porsche shall be ensured," reads the statement from Porsche.
In January, Porsche announced a 51 percent stakehold in VW, and had been planning a further 24 percent buy-up in the near future. However, an iron-clad law would prevent Porsche from acquiring full control of the company, even with a 75 percent sharehold. This seems to have prompted the full brand integration.
Both companies hope to have reached a final decision within four weeks. Stay tuned...
VW OFFICIAL PRESS RELEASE
Sights Set on Integrated Automotive Group
Wolfsburg, May 6, 2009
Volkswagen Aktiengesellschaft welcomes the decision by representatives of the Porsche und Piëch family shareholders to create an integrated automotive group in which each of the ten brands will retain its independence.
During the next four weeks, a joint working group whose members will come from Volkswagen and Porsche will consult intensively with the State of Lower Saxony and the workforce at both companies to prepare the basis for a decision on the future structure. The Board of Management of Volkswagen Aktiengesellschaft will do everything in its power to support this process.
PORSCHE OFFICIAL PRESS RELEASE
Family shareholders are in agreement: Creation of an integrated car manufacturing group intended
7 May 2009
Stuttgart. The members of the management boards of both Volkswagen AG and Porsche Automobil Holding SE have been in intensive talks about the deepening of the cooperation over the past weeks. The family shareholders of Porsche Automobil Holding SE, Stuttgart, have discussed the proposals resulting therefrom, with the inclusion of capital measures, this Wednesday and argued for the creation of an integrated car manufacturing group. In the final structure 10 brands shall stand below an integrative leading company alongside each other, whereby the independence of all brands and explicitly also of Porsche shall be ensured.
On this basis both companies Volkswagen and Porsche intensify the talks in a joint working group with the relevant involvement of the State of Lower Saxony as largest co-shareholder as well as the employee representatives of both companies. It is the aim to develop a corresponding basis for decision-making on the future structure of the common group within the next four weeks.
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