Volkswagen finalises Porsche takeover

Volkswagen said today it was on track to finalise the full takeover of sports car manufacturer Porsche by the end of the month.

The German car firm said Porsche AG would become another fully-integrated brand of the Volkswagen group as of August 1.

The Wolfsburg-based group, Europe's biggest car maker, includes brands such as Audi, Volkswagen, Seat, Bugatti, Bentley and truck makers MAN and Scania.

The deal is also set to restructure the companies' complicated ownership ties.

Volkswagen says the missing 50.1% in Porsche's capital will be bought from holding company Porsche SE for 4.46 billion euros (£3.5bn) plus one Volkswagen share. Porsche SE, in turn, currently holds a sizeable stake in Volkswagen and several executives and major shareholders are active in both firms.

AP