Porsche, Volkswagen agree to speed up merger

July 4, 2012 Filed under Investor Central, Stock Market Posted by



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Porsche, Volkswagen agree to speed up merger


VOLKSWAGEN-PORSCHE-MERGER:Porsche, Volkswagen agree to speed up merger


FRANKFURT (Reuters) – Porsche and Volkswagen agreed on a plan to speed up the merger of their automotive businesses from August 1, 2012, the two carmakers announced late on Wednesday.

Under the plan, Porsche SE will receive around 4.46 billion euros and one Volkswagen ordinary share and in return, the sports car company will contribute the 50.1 percent of Porsche AG not yet owned by Volkswagen.

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