After a long battle to gain complete dominance of yet another major car manufacturer, the Volkswagen group has finally taken over legendary car maker Porsche. The creation of the Integrated Automotive Group between Volkswagen and Porsche was finalized on August 1 as planned. Under the structure developed jointly by Volkswagen and Porsche, Porsche SE contributed its indirect 50.1 percent holding in Porsche AG to VW effective August 1, 2012. This means that VW now holds 100 percent of the shares of Porsche AG via an intermediate holding company. Prof. Dr. Martin Winterkorn, Chairman of Volkswagen had some positive points to address as he said, “The path is now finally clear for a bright future together. Even closer cooperation will enable us to significantly strengthen Volkswagen and Porsche, and further expand the Group’s product portfolio with fascinating new vehicles”. Getting to see more cars from Porsche is never a bad thing, so we hope this take over works out for the best of both companies and we do indeed see some very interesting cars come our way.
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