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Porsche and VW on the verge of merging

It looks like the auto industry’s biggest soap opera is almost over. German carmaker Volkswagen is on the verge of buying half of Porsche’s car-making business, according to German press reports, while the sheikh of Qatar is buying a stake in Porsche and options that control 20% of Volkswagen shares, from Porsche.
This could put an end to months of bitter wrangling to reach an agreement over a tie-up involving the smaller sports car maker, which already owns a more than half of VW.

The news comes a day after Porsche’s chief executive, Wendelin Wiedeking, delivered a speech to employees about the next steps in the company’s future. Porsche denied rumors that Wiedeking was leaving the company.

Shares of Volkswagen fell 1.8% to 57.00 euros ($80.30) on Thursday morning in Frankfurt, while shares of Porsche rose 2.6%, to 51.63 euros ($72.71)

Source: Forbes

Jul 16, 2009MTI
  • VW to buy half of Porsche by 2010
  • Gulf state of Qatar to buy 10 percent stake in Porsche
  • Heads roll at Porsche
  • Porsche turn down VW “rescue” deal
  • VW considers move for Porsche
  • Porsche hits the jackpot!
  • Toyota European sales down 26 percentCould stability be returning to car sales?
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