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Filed under: Porsche, Volkswagen

Cue Ennio Morricone and the symphonic accompaniment to the endgame: VW has officially taken a 49.9% stake in Porsche. VW paid €3.9 billion ($5.75B U.S.) for its cut, "based on the enterprise value for Porsche AG calculated under a careful due diligence and valuation procedure." That's a few shades more than the €3.3 billion amount VW was saying it would pay a few months ago.

In acquiring Porsche, VW not only gains a premium brand that is still among the most profitable in the business, but VW expects its operating profit to jump by €700 million ($1.03B U.S.) over time due to cost-saving synergies. The purchase won't be finalized until 2011, though, when VW will incorporate Porsche Holding Salzburg, Europe's largest car dealer which also happens to be owned by Porsche.

You can read VW's press release - which has an air of something from Napoleon's PR department after the Battle of Austerlitz - after the jump.

[Source: Volkswagen]Continue reading Volkswagen takes 49.9 percent stake in Porsche AG

Volkswagen takes 49.9 percent stake in Porsche AG originally appeared on Autoblog on Tue, 08 Dec 2009 09:32:00 EST. Please see our terms for use of feeds.



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