Porsche-Volkswagen Merger Official
Via Worldcarfans: The Porsche and Piech families, which still control Porsche, are set to put their signatures to a merger contract today (Friday, November 20, 2009). The VW board is said to also be signing off on a series of contracts, thousands of pages long, detailing a multi-stage process for the merger. VW said in a press release it wants the process to go as smoothly as possible and will propose a resolution to issue new preferred shares at its Extraordinary General Meeting on December 3, 2009. The new shares will allow VW to maintain its “medium term financial flexibility,” the company said.
From the press statement, “The creation of an integrated automotive group with ten strong brands follows a compelling industrial logic. It represents a unique opportunity for Volkswagen and is in the best interests of all shareholders. Volkswagen will further expand its position as the leading global multi-brand group with the inclusion of Porsche AG and the automobile trading business of Porsche Holding Salzburg.”
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