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markkelley41
Discussing those heated topics without fear of removal!
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volkswagen to purchase half of porsche
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Europe's largest automaker, VW said it would make the investment as an initial step toward a full merger with Porsche’s auto business scheduled for 2011. VW also said the company was making good progress on cooperative projects between the two German automakers, Reuters said.
Porsche sought help from in an ironic financial twist after it went too deeply into debt while attempting to acquire control of. Porsche took on more than $15 billion in debt to buy a 51 percent stake in VW and 20 percent of VW stock.
Porsche had sought components and technologies from VW to help its sports cars meet increasingly stringent emissions rules. VW currently supplies components for about a third of all Porsche cars, including bodies for the four-door Cayenne SUV and newly introduced Panamera luxury-sedan.
In August, Porsche said it would sell 42 percent of Porsche AG to VW for about $4.9 billion, which would begin a merger of the companies.
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