Volkswagen is ready to complete the first stage of its planned integration with Porsche next week when it buys a 49.9% stake in the indebted group’s profitable sports car business.
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Speaking ahead of today’s extraordinary shareholder meeting, VW chief executive officer Martin Winterkorn, said: “Volkswagen is already the most successful multi-brand group in the auto industry. Now, together with Porsche, we will climb an even bigger step to the top.”
Winterkorn has asked preferred shareholders to help fund the EUR3.9bn (USD5.89bn) minority stake purchase.
The CEO warned that 2010 would be a very difficult year for the auto industry as the boom in small and subcompact cars was expected to run out as government-sponsored scrapping schemes expire.
