Volkswagen begins Porsche takeover
* VW and Porsche to merge * Porsche under VW leadership * Porsche to remain independent...
Volkswagen and Porsche will merge, it has been announced.
It follows the resignation of Porsche's CEO, Wendelin Wiedeking, which cleared the way for VW to complete the union.
Volkswagen will now begin talks with the new management at Porsche, in order to create 'an integrated automotive group with Porsche' under VW's leadership.
Under the plans, Porsche will remain an independent company and keep its headquarters in Stuttgart.
Professor Dr Martin Winterkorn, Volkswagen's chairman, said: 'The union of Volkswagen and Porsche makes two strong companies even stronger.
'Like Audi today, Porsche can also continue its independent development under the guidance of Volkswagen and preserve its own identity.
'We are convinced that Porsche can enrich the Volkswagen Group just as Volkswagen can enrich Porsche.'