VW has finally agreed the terms to buy the remaining 50.1% stake in Porsche it doesn't already own by early August.
The deal was actually agreed in 2009 but it has taken until now to iron out the small print. Volkswagen will pay £3.6 billion plus one VW common share to acquire the stake.
Prof. Dr. Martin Winterkorn, chairman of the board of management of Volkswagen, said: “The unique Porsche brand will now become an integral part of the Volkswagen Group.
“That is good for Volkswagen, good for Porsche and good for Germany as an industrial location. Combining their operating business will make Volkswagen and Porsche even stronger - both financially and strategically.
“We can now cooperate even more closely and jointly leverage new growth opportunities in the high-margin premium segment through targeted investments in pioneering products and technologies. This will benefit our customers, our employees and our shareholders.”