The new entity formed by the merger of Volkswagen AG and Porsche AG aims to become the world's largest carmaker says Lower Saxony state's premier, Christian Wulff.
 
He told Handelsblatt newspaper that the the clear goal is to become 'number one' in global auto building. Lower Saxony holds a 20% blocking minority stake in VW.
 
VW's supervisory board last night said will pay about EUR3.3 bn (US$4.7bn) for a 42% stake in Porsche's automotive unit and fully integrate the business as a tenth brand.
 
It has been suggested that the new entity formed by VW and Porsche will revive the Auto Union name.