BERLIN (AP) -- German carmaker Volkswagen says it is on track to finalize the full takeover of sports car manufacturer Porsche by the end of the month.
Volkswagen AG said in a statement late Wednesday Porsche AG will become another fully integrated brand of the Volkswagen group as of August 1.
The Wolfsburg-based group, Europe's biggest carmaker, includes brands such as Audi, Volkswagen, Seat, Bugatti, Benley and truck makers MAN and Scania.
The deal is also set to restructure the companies' complicated ownership ties.
Volkswagen says the missing 50.1 percent in Porsche AG's capital will be bought from holding company Porsche SE for (euro) 4.46 billion ($5.61 billion) 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.
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.