Report: Volkswagen board to approve Porsche contracts

Article by Christian A., on August 25, 2010

Approval of the merger of Volkswagen AG and Porsche Automobile Holding SE could happen as early as Thursday, according to Reuters. VW's supervisory board is slated to ink contracts drafted for the merger, which also allows for the partial acquisition of Porsche's sports car business. Reuters said that its sources for this report are three people with direct knowledge of the talks.

The VW board is supposedly ready to sign off on documents, which consist of several thousand pages. Porsche's two controlling families would then sign the contracts on Friday.

Volkswagen has declined to comment on the matter while a spokesman for Porsche would only confirm that its supervisory board was holding an extraordinary meeting on Friday. When global auto markets plunged months ago, Porsche's debt mounted and instead of Porsche acquiring Volkswagen, a reverse takeover was agreed on instead.

Initially, the first step was for VW to buy a minority stake in the Porsche AG sports car business. The full merger is set to take place by 2011, concluding with having the families that own Porsche as the biggest shareholders in a combined group, ahead of VW's home state of Lower Saxony and Qatar's investment arm.

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