VW buys Porsche sales unit for 3.3bn eu­ros

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Europe’s big­gest car­maker, Volk­swa­gen has fi­nalised pur­chase of the au­to­mo­bile trad­ing busi­ness of Porsche Hold­ing Salzburg (PHS) for 3.3bil­lion eu­ros ($4.55 bil­lion). The pur­chase is de­scribed as the “next ma­jor step to­wards the cre­ation of the in­te­grated au­to­mo­tive group of Volk­swa­gen and Porsche.”

VW sales di­rec­tor Chris­tian Klin­gler said that “un­der the Volk­swa­gen group um­brella, PHS will re­tain its sta­tus as an in­de­pen­dent or­ga­ni­za­tional unit and con­tinue with its busi­ness model un­changed. All as­sets re­main in­tact.”

VW al­ready owns 49.9 per­cent of Porsche’s core man­u­fac­tur­ing unit and plans to buy the rest, mak­ing it the group’s 10th brand. The deal on the other hand has also stirred a con­tro­versy for sus­pected stock price ma­nip­u­la­tion. As Porsche had en­deav­oured to take over VW ear­lier, pros­e­cu­tors plan to probe the deal

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