The two German car firms Volkswagen and Porsche have agreed to a merger by 2011, with Volkswagen purchasing Porsche in phases. Volkswagen has agreed to respect Porsche's "independence". At first, Porsche had attempted to take over Volkswagen, but was unable to raise sufficient funds to do so.
The acrimony between the two sides led to the resignation of Porsche's chief executive Wendeling Wiedeker and financial director Holger Härter. Insiders say that Ferdinand Piëch will probably take control of the reigns at Porsche.
The new company will also include the makes Audi, Bentley, Seat and Lamborghini.
Volkswagen
(foto;Flickr/Bruno Guerreiro)
Volkswagen: (photo;Flickr/Bruno Guerreiro)
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