Volkswagen’s supervisory board has backed the creation of an integrated automotive group with Porsche under the leadership of VW whose management board will now begin talks with the sportscar maker’s new chiefs to jointly draw up final details.
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The integrated automotive group will be formed by the merger of Porsche Automobil Holding SE and Volkswagen AG. Porsche will remain an independent company headquartered in Stuttgart.
A VW statement said that in the opinion of all parties, “this basic concept represents the best possible solution for pooling the strengths of both companies as envisaged”.
The statement added that the supervisory board welcomed the inclusion of Qatar among Volkswagen’s shareholders as a strategic partner committed to supporting the goal of an integrated automotive group.
“The final concept for the envisaged union of Volkswagen and Porsche will preserve the Volkswagen Group’s financial solidity and sustain its ability to act as well as ensuring Porsche’s independence. Moreover, appropriate consideration will be given to the interests of all stakeholders when setting up the automotive group.”
The Porsche supervisory board also approved the creation of the integrated automotive group at its meeting today.
VWE chairman Martin Winterkorn said: “The envisaged union of Volkswagen and Porsche follows a compelling industrial logic and offers promising perspectives: it makes two strong companies even stronger. Volkswagen and Porsche have excellent know-how at their disposal and can use their resources even more efficiently by combining them.
“For this reason, we expect additional growth opportunities, safeguarding existing jobs and creating new ones. At the same time, we can call on our considerable experience in the integration of proud and successful brands rich in tradition.
“Like Audi today, Porsche can also continue its independent development under the aegis of Volkswagen and preserve its own identity. We have great respect for the achievements of the Porsche workforce and are convinced that Porsche can enrich the Volkswagen Group – just as Volkswagen can vice versa enrich Porsche.”
