FRANKFURT, Nov 20 — Volkswagen AG said its supervisory board approved the final details of a 49.9 per cent stake in sports car maker Porsche AG and an eventual tie-up with Porsche’s parent company.
In a statement early today, VW repeated it would purchase the stake in Porsche AG by the end of this year and that it would merge with the sports car maker’s parent, Porsche SE, during the course of 2011.
In its statement, VW did not reveal any new details about the agreement.
Three people with direct knowledge of the matter said earlier this week the VW board would sign off on contracts drafted for a multistage tie-up between the two carmakers, said to consist of several thousand pages.
Porsche’s two controlling families are due to sign the contracts on Friday, the sources said at the time. — Reuters
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