Volkswagen Purchase Porsche Holding Salzburg

By By: Vicky.in

Published: Wednesday, March 2, 2011, 14:41 [IST]

The German car maker Volkswagen said it has finally became successful in its bid to acquire Porsche Holding Salzburg (PHS) at 3.3 billion euros. The move is an initial stage for the ensuing projects which include creation of the integrated automotive group comprising both the companies, said a statement from the company. This PHS is taking care of distributing and selling of Porsche sports versions and according to the chairman of Volkswagen PHS is one of the world"s most efficient and profitable automobile trading companies.

The sales director for Volkswagen said PHS would continue to hold its individual identity under Volkswagen umbrella and continue to hold its business strategy on its own with everything in tact. As of now VW is in possession of 49.9% of Porsche firm"s core manufacturing plant and will soon annex rest so as to have it as VW"s tenth brand. The acquisition is coming in the midst of the legal implications in which the executives of Porsche were said to have involved in stock price manipulation. This made some complications in Volkswagen securing the acquisition. Sensing the anticipated VW take over, Porsche had accumulated much debts but VW thwarted such attempts by exerting some good hold.

Article Published On: Wednesday, March 2, 2011, 14:32 [IST]

Read more on: #automobile #cars #volkswagen

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