Volkswagen AG (VOW.XE) said Wednesday it finalized the
acquisition of the remaining 50.1% stake in Porsche Automobil
Holding SE's (PAH3.XE) sportscar business it doesn't already own as
planned.
"The path is now finally clear for a bright future together,"
Volkswagen Chief Executive Martin Winterkorn said in a
statement.
"Even closer cooperation will enable us to significantly
strengthen Volkswagen and Porsche, and further expand the group's
product portfolio," he said.
"Porsche will retain its own identity and operational
independence, just like all of the other group brands," Mr.
Winterkorn added.
MAIN FACTS:
- Volkswagen now holds all shares in Porsche's sportscar
business through a holding company.
- According to previous statements, Porsche's holding firm will
use the EUR4.46 billion in cash to repay its bank liabilities. The
remaining money is supposed to be used for strategic investments in
automotive assets.
-Write to the Frankfurt Bureau at
djnews.frankfurt@dowjones.com
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