Don't miss

Replay


LATEST SHOWS

ENCORE!

Music show: Mykki Blanco, Van Morrison & The Weeknd’s duo with Daft Punk

Read more

FOCUS

FRANCE 24 exclusive: The last stand for Libya’s Oil Crescent

Read more

TALKING EUROPE

Greece’s minister of tourism: ‘Tourism is a government priority’

Read more

TALKING EUROPE

Terrorism, strike actions and migrant crisis: Is the EU becoming less attractive to tourists?

Read more

BUSINESS DAILY

Moody's cuts Turkey's credit rating to junk

Read more

IN THE PAPERS

‘Grozny 1999 – Aleppo 2016’

Read more

IN THE PAPERS

Trump and Clinton: 'It's all to play for'

Read more

THE INTERVIEW

Turkish foreign minister says troops to move further into Syria

Read more

EYE ON AFRICA

Court ruling expected on Gabon's contested election results

Read more

Business

Volkswagen takes 49.9% stake in Porsche

Text by News Wires

Latest update : 2009-12-08

German carmaker Volkswagen has bought 49.9 percent of Porsche for 3.9 billion euros and announced ambitious targets to complete the purchase of the luxury brand by 2011 and unseat Japan's Toyota as the world's leading carmaker by 2018.

AFP - German auto maker Volkswagen announced Monday that it had acquired a 49.9-percent stake in luxury sports car-maker Porsche for 3.9 billion euros (5.8 billion dollars).
  
Last week, Volkswagen shareholders overwhelmingly approved a capital increase aimed at financing the purchase. The vote will allow Volkswagen to raise about 8.0 billion euros by 2014.
  
Europe's biggest auto maker plans to complete the takeover of Porsche by 2011 and wants to eclipse Toyota, the world auto leader, by 2018.
  
Volkswagen predicted that the acquisition of Porsche would mean an annual increase in operating earnings of around 700 million euros.
  
The acquisition, which caps months of tension between the two groups, is for both of them a return to their roots, as Porsche and VW were part of a vast automobile enterprise launched by Ferdinand Porsche in the first half of the last century.

Date created : 2009-12-07

COMMENT(S)