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September 5, 2008 9:33:33 PM CDT

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Porsche Speeds to $225B Euro Empire

Posted Mar 4, 08 2:43 AM CST in Business 

(Newser) – The map of Europe's car and truck industry is set to be redrawn with Porsche's likely takeover of Volkswagen, the Financial Times reports. Porsche's board voted to boost the sports car manufacturer's stake in Volkswagen to more than 50% yesterday, only hours after Volkswagen said it would buy a controlling interest in Swedish truck company Scania. The combined $225 billion company would be the biggest car and truck firm in Europe.

Porsche aims to build an empire that could challenge Toyota for the title of largest and most profitable automaker in the world. Experts say a Porsche takeover of Volkwagen could help VW improve its performance in the key US market. Porsche executives intend to keep VW as a separate brand in a new holding company.

Sources Financial Times (UK), Associated Press

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A Volkswagen car parked in front of a Porsche sports car in Recklinghausen, Germany, in this Sept. 26, 2005 file photo. The supervisory board of the company that owns Porsche AG has given its approval...   (Associated Press)
Uwe Hueck, left, chairman of the workers' council of German car manufacturer Porsche AG, shakes hands with his counterpart of German car manufacturer Volkswagen AG, Bernd Osterloh, right, at the labour...   (Associated Press)
Visitors look at Porsche vehicles at the Chicago Auto Show on Thursday, Feb. 7, 2008, in Chicago. (AP Photo/Jerry Lai)   (Associated Press)
Wendelin Wiedeking, CEO of German car maker Porsche, is seen on the left screen, during his speech at the company's shareholders' meeting at the Porsche Arena in Stuttgart, Germany, Friday, Jan. 25, 2008....   (Associated Press)
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auto industry  • Europe  • merger  • auto sales  • Volkswagen  • Porsche


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