Volkswagen’s supervisory board approved taking a 49.9% stake in Porsche, taking it one step closer to a full merger. Porsche has two controlling families, the Porsches and the Piechs, who are expected to sign the contracts. The amount that VW will pay for the stake has not been disclosed.

According to VW, the purchase of the initial stake is expected to be completed by the end of 2009 but a full merger is anticipated to be completed by 2011. In a statement, VW said that the decision to create an integrated automotive group that consists of ten formidable brands was made following “compelling industrial logic.” In addition, VW said that this is a unique opportunity for the group and is in the best interests of all shareholders. Definitely, there’s no doubt that with the inclusion of Porsche, VW further solidifies its position as the leading global multi-brand group.

Tags: car news, Porsche, porsche stake sell, Volkswagen, vw, vw porsche stake approved

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