Volkswagen completes purchase of Porsche SE
Monday, July 09, 2012
Volkswagen and Porsche have completed a deal that will merge the two companies.
According to Bloomberg Businessweek, Volkswagen initiated a 4.46 billion euro agreement to purchase the remainder of Porsche SE's automaking business in a move that will cement Volkswagen as the world's most profitable automaker.
“(VW chairman Ferdinand Piech is) at the peak of his working career,” Stefan Bauknecht, a Frankfurt-based fund manager for Deutsche Bank AG investment vehicle DWS, told the news source. “However, I don’t think he will sit down now and let everything be. To bring both MAN-Scania and Porsche under the whole VW umbrella means that the daily work now has to start.”
The merger was recently stalled due to legal issues and unresolved taxes, but a recent Reuters report revealed that did not stop the two automakers from forging on and continuing with tighter manufacturing links that would bring in savings of millions in euros each year.
The auto industry and major automakers continue to influence trading and investing, and investors should take advantage of online stock trading opportunities.
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