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| VW prepares to take over Porsche | VW prepares to take over Porsche |
| (9 minutes later) | |
| Europe's biggest carmaker, Volkswagen (VW), plans to buy German sports car firm Porsche in stages while retaining the latter's independence. | Europe's biggest carmaker, Volkswagen (VW), plans to buy German sports car firm Porsche in stages while retaining the latter's independence. |
| VW says its board will hold talks with Porsche "in order to reach a final concept fulfilling this goal". | VW says its board will hold talks with Porsche "in order to reach a final concept fulfilling this goal". |
| Both sides had earlier said they wanted to form an integrated automotive group. | Both sides had earlier said they wanted to form an integrated automotive group. |
| The latest move comes after Porsche's chief executive Wendelin Wiedeking and financial director Holger Haerter had resigned "with immediate effect". | The latest move comes after Porsche's chief executive Wendelin Wiedeking and financial director Holger Haerter had resigned "with immediate effect". |
| Mr Wiedeking had failed in his long-running attempt to take over VW, despite Porsche building a 51% holding in the company. | Mr Wiedeking had failed in his long-running attempt to take over VW, despite Porsche building a 51% holding in the company. |
| Porsche had hoped to build up a 75% stake, but the financial crisis and the slump in the global automotive sector put paid to its efforts, which in the end saddled the sports car maker with huge debts. | Porsche had hoped to build up a 75% stake, but the financial crisis and the slump in the global automotive sector put paid to its efforts, which in the end saddled the sports car maker with huge debts. |
| 'Progressive acquisition' | 'Progressive acquisition' |
| The two companies aim to complete the merger by the middle of 2011, according to Christian Wulff, governor of Lower Saxony, the German state that owns a large stake in VW. | The two companies aim to complete the merger by the middle of 2011, according to Christian Wulff, governor of Lower Saxony, the German state that owns a large stake in VW. |
| "I'm optimistic that we can lay out the details of our agreement in principle during a supervisory board meeting on 13 August," he said. | "I'm optimistic that we can lay out the details of our agreement in principle during a supervisory board meeting on 13 August," he said. |
| Volkswagen and Porsche have excellent know-how at their disposal and can use their resources even more efficiently by combining them Martin Winterkorn, chairman Volkswagen management board | Volkswagen and Porsche have excellent know-how at their disposal and can use their resources even more efficiently by combining them Martin Winterkorn, chairman Volkswagen management board |
| VW says that the new company will be achieved by the "gradual involvement of Volkswagen in Porsche AG" - Porsche's carmaking unit. | VW says that the new company will be achieved by the "gradual involvement of Volkswagen in Porsche AG" - Porsche's carmaking unit. |
| The integrated group would come under the leadership of VW. | The integrated group would come under the leadership of VW. |
| 'Growth opportunities' | 'Growth opportunities' |
| Martin Winterkorn, chairman of the Volkswagen management board, said the move "makes two strong companies even stronger". | Martin Winterkorn, chairman of the Volkswagen management board, said the move "makes two strong companies even stronger". |
| "Volkswagen and Porsche have excellent know-how at their disposal and can use their resources even more efficiently by combining them," he added. | "Volkswagen and Porsche have excellent know-how at their disposal and can use their resources even more efficiently by combining them," he added. |
| He said the merger would create additional growth opportunities, as well as safeguarding and creating jobs. | He said the merger would create additional growth opportunities, as well as safeguarding and creating jobs. |
| "At the same time, we can call on our considerable experience in the integration of proud and successful brands rich in tradition. | "At the same time, we can call on our considerable experience in the integration of proud and successful brands rich in tradition. |
| "Like Audi today, Porsche can also continue its independent development under the aegis of Volkswagen and preserve its own identity," he added. | "Like Audi today, Porsche can also continue its independent development under the aegis of Volkswagen and preserve its own identity," he added. |
| Porsche will effectively become the 10th brand under the VW umbrella. | Porsche will effectively become the 10th brand under the VW umbrella. |
| Mr Winterkorn also announced that the Gulf state of Qatar would buy a 17% stake in VW. | Mr Winterkorn also announced that the Gulf state of Qatar would buy a 17% stake in VW. |
| Earlier on Thursday, Porsche said it would increase its capital by at least 5bn euros ($7.10bn; £4.3bn). | Earlier on Thursday, Porsche said it would increase its capital by at least 5bn euros ($7.10bn; £4.3bn). |
| It said that this new sum would "create the foundation of building an integrated car manufacturing group with Porsche and Volkswagen". | It said that this new sum would "create the foundation of building an integrated car manufacturing group with Porsche and Volkswagen". |
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