VW set to buy Porsche Holding Salzburg Group for $4.55Bil

Article by Christian A., on November 12, 2010

In a move that Volkswagen AG says will help it reach its goal to become the top global automaker, VW will pay EUR3.3 billion ($4.55 billion) to purchase Porsche Holding Salzburg, Europe’s biggest independent auto dealer group. The group has long provided income for the Porsche and Piech clan.

However, a near-collapse of Porsche SE, the holding group for the Porsche sports car company and the dealer chain, forced the families to sell to VW in an effort to slash a EUR10 billion debt incurred during Porsche’s bid to get full control of VW.

The dealer group was founded in 1947 by Louise Piech (the daughter of pioneer Ferdinand Porsche) and her brother Ferry Porsche.

The Salzburg, Austria-based dealer group had unit sales of 421,000 new vehicles and EUR12.2 billion revenue in the 2009/10 financial year to March 31.

VW CEO Martin Winterkorn says the dealer group will raise VW’s auto trading performance, and will contribute to achieving the goals of the Volkswagen Group’s Strategy 18, which calls for VW to become the No. 1 global carmaker in profitability and sales. [via autonews - sub. required]

Topics: vw, porsche

If you liked the article, share on:

Comments

Recommended

In 2014, Jaguar Land Rover’s Special Vehicle Operations revealed the F-Type Project 7. At that time, it was said to be the fastest accelerating road car carrying a 5.0-liter Supercharged...
by - May 29, 2017
There is an ongoing rumor going around the automotive community, and it’s aimed at BMW. The rumor? The German marque has reportedly axed the i5 Electric vehicle concept. These supposed...
by - May 29, 2017
Volkswagen's yearly Worthersee affair that happens in Austria is considered a hotbed for all types of cars from the German company's long and renowned history. Most of the gathering features...
by - May 29, 2017
Behold, the Rolls-Royce Sweptail! The Sweptail is probably the biggest two-seater car that has ever been built. It may look odd at first glance, and you may not be fond...
by - May 29, 2017
BMW just keeps on getting bigger and bigger, in terms of their lineup I mean. Just after unveiling the 8 Series Concept, they are now teasing us with an M8...
by - May 29, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries