Europe's auto major Volkswagen is set to become the world's number one, pushing Japan's Toyota to the second place, by taking over sports car manufacturer Porsche. The acquisition ended years of takeover struggle between the two German automobile giants.
Porsche, which made an unsuccessful bid to take over Volkswagen earlier this year, is now the 10th brand of the VW family.
Volkswagen took 49.9% stake in Porsche for รข‚3.9 billion and the merger will be completed by 2011. Porsche will continue to operate as an independent company within the VW family.
Saturday, January 2, 2010
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