Germany VW announced that 39 million euros purchase Porsche ownership

39 billion euros turnover — Germany public acquisition of Porsche 49.9% of the shares. The reporter was informed yesterday, Germany-Volkswagen has step-by-step implementation and to Porsche merger plan of the second important step, namely Germany public acquisition of Porsche sports car business, turnover 49.9% up to € 39 million. The deal means that Porsche and VW finally complete the merge, the supervision of the two companies will have approved the merger. The public expressed the hope that in 2011 to complete before the end of the sports car manufacturer's acquisition, through the merger of the mass and Porsche, a comprehensive automobile group is forming. Public reiterated that the mass and the Porsche merger synergies and value will reach 7 billion euros.

It is reported that last week in Hamburg at the special general meeting of shareholders, the public Group Board of Directors approved sale 1.35 billion of preferred stock to complete acquisition of Porsche, the preferred stock issuance programme implementation is valid to December 2014. Mass estimates, the Porsche group and Europe's largest distributor of Porsche Holding AG, the total value of assets to 160 million euros, including equity and debt.

According to previous Porsche and Volkswagen Board of supervisors approved two companies merge rules for the implementation of the agreement, starting from the end of this year, the two companies will begin to implement complicated steps. Detailed rules for the implementation of the agreement the two companies merged organization structure, size and legal framework. Prior to that, the Chairman of the Volkswagen and the one responsible for finance and control of the Board members have joined the Porsche at the end of November, and the Board of Directors as Porsche's Chief Executive Officer and Chief Financial Officer, both at the same time to assume the duties of the public Board of Directors.

Public information displays, Porsche is the famous luxury sports car brand, Germany Volkswagen is Europe's largest car manufacturer. In fact, Volkswagen and Porsche's historical origin has existed for a long time, the mass of the first leadership is the founder of Porsche and Volkswagen is currently the Chairman of the Supervisory Council is his grandson.

It is learnt that the mass is driving a Porsche became its first 10 brand. In fact, the first Porsche trying to purchase mass, the goal is to have a mass of 75 per cent of the shares, thus given the mass of the ultimate decision-making power. But due to the credit market and the lack of funds, amounted to a net debt when Porsche rapid expansion, culminating in its acquisition by mass reverse to avoid bankruptcy of the company.