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08-07-2012, 09:20 PM #1
Porsche and Volkswagen Tie the Knot
After three years, VW finally took Porsche’s hand in marriage AKA VW now owns Porsche.
The reason they have waited so long to come to an agreement was because of VW not wanting to pay the $1.9 billion in taxes for the transaction.
“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”, said Prof. Dr. Martin Winterkorn, Chairman of Volkswagen Aktiengesellschaft’s Board of Management, in Wolfsburg on Wednesday.
After the buyout, Porsche’s debt has been cleared out, which was around $3 billion.
Don’t expect Porsche to change their formula at all after this buyout, the two have been working closely for a while now and don’t expect to immediately affect each other’s brands.