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Porsche board okays merger contract with Volkswagen | Deals | Reuters

Vehicles: Porsche board okays merger contract with Volkswagen

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Gifted submitted 2009/11/21 10:49, published 2009/11/21 10:49 | 191 views
Tags: Volkswagen, Porsche, merger

http://www.reuters.com/article/innovationNews/idUSTRE5AJ3PO20091120

FRANKFURT (Reuters) - The supervisory board of indebted automotive holding Porsche SE (PSHG_p.DE) signed off on a contract to merge with its majority-owned, cash-rich subsidiary Volkswagen (VOWG.DE) by 2011, Porsche said on Friday.

"The next milestone is the 49.9 percent investment of Volkswagen in Porsche AG by the end of 2009," the company said in a statement, adding the VW board had already approved the deal as expected in a meeting late on Thursday.

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