Vw to complete the purchase of a 49.9 percent stake in Porsche next week
By Andrew C., 26 Aug, 2010. 0 Comments
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In remarks prepared for VW's extraordinary shareholder meeting last Thursday, CEO Martin Winterkorn said that VW is already the most successful multi-brand group in the auto industry and with Porsche, it will "climb an even bigger step to the top." Winterkorn is looking to preferred shareholders to help fund the 3.9 billion euro ($5.89 billion) minority stake purchase. The merging is believed to help VW boost profits as it targets to overtake Toyota Motor Corp. as the world's largest carmaker by 2018. But in 2010, Winterkorn warns that it would be a very difficult year as the expiration of government scrapping schemes will end the boom in small and subcompact cars.
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