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Volkswagen eyes up buying Porsche

Volkswagen is looking into raising money to buy Porsche.

The company, Europe's biggest carmaker, is considering whether to raise £3.4 billion for the luxury sports car manufacturer, reports the Financial Times.

Last week the Piech and Porsche families agreed to fold it into VW after it had amassed a 10 billion Euro net debt.

A person close to the situation said: "Volkswagen is planning to buy Porsche sports car business as fast as possible and, to finance this, they are thinking about strengthening their capital base."

VW, which is due to start looking into Porsche's books within days, declined to comment said the Financial Times.    

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