Volkswagen will initially pay up to 3.3 billion euros for a 42% stake in Porsche under a deal that will eventually lead to a full merger by the end of 2011. VW’s CEO Martin Winterkorn, who takes over as CEO of Porsche, said that the deal marks a new era for the two companies that are taking a decisive step towards a joint future.

The new group, which will possibly take on the Auto Union name, is composed of 10 independent brands that are set to expand its unique global position. Winterkorn confidently said that the group now has what it takes to be the automotive industry’s number one. Winterkorn said that Porsche would remain independent and that the integration would benefit its customers and shareholders greatly.

Tags: car news, Porsche, Volkswagen, vw porsche buy, vw porsche deal, vw porsche stake

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