Volkswagen finalizes takeover of Porsche

Volkswagen finalizes takeover of Porsche

BERLIN - The Associated Press

German carmaker Volkswagen says it is on track to finalize the full takeover of sports car manufacturer Porsche by the end of the month.

Volkswagen said in a statement late July 4 that Porsche will become another fully integrated brand of the Volkswagen group as of August 1.

The Wolfsburg-based group, Europe’s biggest carmaker, includes brands like Audi, Volkswagen, Seat, Bugatti, Bentley and truck makers MAN and Scania. The deal will also restructure the companies’ complicated ownership ties.

Volkswagen says the missing 50.1 percent in Porsche’s capital will be bought from holding company Porsche SE for 4.46 billion euros plus one Volkswagen share.