The much delayed partnership deal between the German automakers, Volkswagen and Porsche has finally come through. The matter which has spanned over many years, saw legal battles being fought and even a failed hostile takeover attempt by Porsche but it has now finally come to a peaceful conclusion with the Integrated Automotive Group being formed.
?The unique Porsche brand will continue to develop successfully under Volkswagen?s multibrand strategy and proven decentralized management structure. Porsche will retain its own identity and operational independence, just like all of the other Group brands? said Prof. Dr. Martin Winterkorn, Chairman of Volkswagen Aktiengesellschaft?s Board of Management.
This deal will be profitable to both companies, with a combined expected savings of 700 million euros or US$856 million and will also wipe out Porsche?s 2.5 billion euros or US$3.1 Billion debt.
Prior to today?s deal VW already had 49.9 percent of Porsche?s sports car operation from its 3.9 billion euros purchase from back in December 2009 and both companies have even collaborated on projects such as Cayenne SUV and Panamera coupe, with VW providing the bodies for the SUV and the four-door Porsche. They are also working on the MUV Macan, scheduled to be launched in 2014.
?The path is now finally clear for a bright future together. Even closer cooperation will enable us to significantly strengthen Volkswagen and Porsche, and further expand the Group?s product portfolio with fascinating new vehicles?, Winterkorn said.
Volkswagen is currently Europe?s largest car maker, with a long list of high-end luxury brands such as Audi, Lamborghini, and now Porsche under its banner. This year also saw Volkswagen get into the motorcycle business, to compete against BMW, by acquisition of the legendary Italian superbike brand, Ducat, through its Audi.
Currently, world?s third largest car manufacturing company behind Toyota and General Motors, VW aims to get to the top by year 2018.
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Via: Euronews?
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Category: Auto Zone
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