The Porsche and Piech families plan to sell their main car assets to Volkswagen AG under a plan that would tighten Porsche SE’s grip on Europe’s biggest automaker, according to two people familiar with the matter. The families, which control at least 51 percent of Wolfsburg, Germany-based VW, intend to sell the Austrian Porsche Holding GmbH unit and the Porsche AG automotive division to VW in return for cash and VW shares, said the people, who declined to be identified because the plan is confidential. As part of the transaction, Porsche SE will issue new shares, a portion of which may be sold to external investors, they said. The plan is backed by VW, the people said.
2009 Auto Shanghai Photo Gallery
If you want to see your photos running on our homepage photo ticker, be sure to upload your photos on the go by sending them to Mobile@AutoSpies.com
There are photos and then there are AutoSpies.com photos!
AutoSpies.com is ranked number one on Google search for auto shows
Read Article