Volkswagen have announced their plans to finalize the takeover of Porsche bringing to a conclusion the work done over the last 2 or 3 years. The German giant will complete the takeover by buying up the final 50% for 3.9 billion Euro

VW to finalise Porsche takover for €3.9billion

Volkswagen Porsche logos

The long winded story of Volkswagen's takeover of porsche looks to be finally heading for a conclusion. According to a report by Bloomberg, the German giant will complete its takeover of the sports car maker by buying up the remaining 50.1% of the company it does not own for €3.9 billion.

Unidentified managers within the VW hierarchy have confirmed that they will set up a holding company to take control temporarily. It is believed by completing the transaction before 2014 will save the company €1 billion in taxes.

Additionally, the necessary actions will be taken to ensure that Porsche will stay independent from the parent company, keeping the objections of the Porsche labor leaders at bay.

The companies had originally intended to merge together before Porsche attempted their own hostile takeover in 2009. After accumulating debts of more than €10 billion, the takeover was abandoned and the roles where reversed as Volkswagen came to their rescue.

Neither company is officially confirming if the rumours are true, but we'll keep you posted if or when they ever do.

Source: autonews - Read more: http://www.worldcarfans.com/112012340174/vw-to-finalise-porsche-takover-for-39billion#ixzz1kPUkPho7