VW announced today that Volkswagen and Porsche will become an Integrated Automotive Group as the Supervisory Board approved a comprehensive agreement. The agreement says that both the solid financial base of Volkswagen and Porsche's independence will be preserved. both companies hope this agreement will result in high growth, earnings and synergy potential accompanied by job security.
Volkswagen and Porsche will total sales of 6.4 million vehicles and more than 400,000 employees.Under this agreement, Volkswagen will take a 42.0 percent stake in Porsche AG by the end of 2009. this process will end with the complete merger of Porsche SE with Volkswagen.