Moscow - German auto giant Volkswagen will buy another 50.1 percent of Porsche SE for 4.46 billion euros to complete its ownership of the sports car maker, Volkswagen said Thursday.
The deal is scheduled to be closed by Aug 1, 2012, Volkswagen said, adding net synergies of nearly 320 million euros from the integration would be split 50:50 between the two companies.
"The unique Porsche brand will now become an integral part of the Volkswagen Group. That is good for Volkswagen, good for Porsche and good for Germany as an industrial location," Volkswagen board chairman Martin Winterkorn said.
The two companies agreed to unite their auto assets in a new group in 2009 and established an intermediate holding company, Porsche Zwischenholding GmbH, in which Volkswagen has 49.9 percent.
"The accelerated integration will allow us to start implementing a joint strategy for Porsche’s automotive business more quickly, to realize key joint projects more rapidly, and hence to leverage additional growth opportunities in attractive market segments," Volkswagen CFO and former Porsche CFO Hans Dieter Potsch said.
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