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Porsche Speeds to $225B Euro Empire

VW acquisition would create Europe's biggest car & truck company

By Rob Quinn, Newser Staff

Posted Mar 4, 2008 2:43 AM CST

(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.

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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Porsche Speeds to $225B Euro Empire

VW acquisition would create Europe's biggest car & truck company

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Porsche, VW to Merge

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Eyeing US Market, VW Plans Tenn. Plant

Company hopes Chattanooga factory will improve market share

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OTHER STORIES ON OUR RADAR

Europe • merger • Volkswagen • auto industry • Porsche • auto sales • Scania

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Porsche, VW to Merge

Luxury maker fails in takeover attempt

GM Reclaims World's No.1 Spot

2011 disasters knock Toyota into 3rd place

Car Sales Jumped 14% Last Month

Chrysler, VW saw huge gains

Germany's Scheme to Scrap Cars Sparks Sales Explosion

Sales mostly go to small cars

Eyeing US Market, VW Plans Tenn. Plant

Company hopes Chattanooga factory will improve market share

About Us

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Newser By Users

Community

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What is Newser?