Board of Directors of Volkswagen Group has decided to officially form an integrated automotive group with Porsche. This will happen by 2011, writes-Speed Press.
Volkswagen will buy 42% of automobile production Porsche to 3.3 billion. Moreover, VW will take and trade company “Porsche Holding Salzburg”, which is the largest car dealer in Europe for 3.55 billion euros. Head of entirely new company will be the current head of Volkswagen Group Vinterkorn Martin. Last year, Porsche achieve its ambitions to buy controlling stake in Volkswagen Group by acquiring 50% stake in the company. To implement this, “Porsche” download huge loans. On the occurrence of the global financial crisis “Porsche has not managed to repay their loans over 10 billion and now Volkswagen began buying shares of Porsche.
The two companies agreed to form a single-car group by buying shares from Volkswagen is the first step in this direction. In this situation, “Porsche” will become a kind of mark in the tenth portfolio of Volkswagen along with VW, “Audi, Skoda,” Seat “,” Bentley “,” Lamborghini and Bugatti. To implement his plan, Volkswagen Group plans to increase its capital. For its part, Porsche will increase its capital to be able to cover the remainder of its obligations to its creditors. Actual execution of operations will begin once this plan is approved by the creditors of Porsche, and the government of Lower Saxony, which owns 20% in Volkswagen Group and has sole right to block major decisions.
The largest shareholders in future car company will be families and Piyh Porsche (Ferdinand Piyh, head of board of directors of Volkswagen Group). Then ordered the government of Lower Saxony.Clean Financial, the third largest shareholder will be Qatar, now a shareholder in Porsche, and that are also part of the deal to be approved by creditors and by the authority