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Carmaker Porsche says it has agreed a merger with fellow German manufacturer Volkswagen after weeks of talks between the two firms’ management.
The luxury carmaker said in a statement that it wanted to see the ‘creation of an integrated car manufacturing group’.
Volkswagen hailed the decision of the Porsche and Piech families, owners of the Porsche group who also have significant interests in Volkswagen, to create the merger. It will bring the nine Volkswagen-owned brands and Porsche into one organisation.
It means a much-publicised Porsche takeover of Volkswagen will not happen. The format of the new group will be decided in the next month. Talks will now take place between the two carmakers, Volkswagen’s home state of Lower Saxony, which has a 20% stake in the company, and employee representatives.
Porsche said in a statement: “In the final structure 10 brands shall stand below an integrative leading company alongside each other, whereby the independence of all brands and explicitly also of Porsche shall be ensured.”
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