Porsche and VW to merge
Sportscar maker Porsche has given up its long held ambition of swallowing up the far bigger car manufacturer Volkswagen by announcing yesterday (7 May) that the German rivals are to merge.
An announcement from Porsche said the members of the management boards of both Volkswagen AG and Porsche Automobil Holding SE had been in intensive talks about “deepening of the cooperation over the past weeks”.
It went on to say that the family shareholders of Porsche had discussed proposals
Emerging from the talks and argued for the creation of an integrated car manufacturing group. In the final structure 10 brands will sit below an integrative leading company alongside each other, “whereby the independence of all brands and explicitly also of Porsche shall be ensured”.
Further talks involving the State of Lower Saxony as largest co-shareholder as well as the employee representatives of both companies are taking place to develop a corresponding basis for decision-making on the future structure of the common group within the next four weeks.
