The luxuriously stylish automakers Porsche will now be fully owed by German automakers Volkswagen (VW), as they agreed to shell out �4.46 bn bringing an end to two year old merger plan.
Both the automakers on Wednesday announced plans to speed up the merger process. This acquisition is good for both automakers as it enables them to avoid huge tax bill and to generate synergies faster.
Martin Winterkorn, VW chief executive, declared the combination to be "good for Volkswagen, good for Porsche and good for Germany as an industrial location".
VW aims to permanently surpass General Motors and Toyota to become the world's biggest carmaker by sales by 2018.
Via IBNLIVE
Both the automakers on Wednesday announced plans to speed up the merger process. This acquisition is good for both automakers as it enables them to avoid huge tax bill and to generate synergies faster.
Martin Winterkorn, VW chief executive, declared the combination to be "good for Volkswagen, good for Porsche and good for Germany as an industrial location".
VW aims to permanently surpass General Motors and Toyota to become the world's biggest carmaker by sales by 2018.
Via IBNLIVE