Volkswagen to buy Porsche for $11.28 billion

A report by Germany’s Der Spiegel says that Volkswagen AG has offered Porsche SE’s controlling families roughly 8 billion euros ($11.28 billion) to buy the company’s sports car business. The report said that the Porsche and Piech families will agree on the deal as early as July 23.

When it’s all said and done, Volkswagen will own a 49.9 percent stake in Porsche AG. At a later date, Germany’s largest automaker will acquire the rest of the sports car maker, in a deal that would create an automotive group with 10 brands.

The sale would help Porsche...
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Joe_Limon - 7/20/2009 12:45:45 PM

+4 Boost

lol buying them out for less then the amount of loans they racked up.

monkeyrun - 7/20/2009 2:51:53 PM

+3 Boost

LOL....
Porsche's marvelous plan might have worked if it weren't for those meddling kids... I mean credit crunch.

Lexus - 7/20/2009 5:08:42 PM

+3 Boost

Porsche got greedy and this is what happen. Well at least VW will keep them alive and do good for them. Hey VW did a good job with Bugatti Veyron, Audi, and Lambo.

I am a Lexus die hard fan but I have to give credit where credit deserve. At least Hyundai or Kia did not bought them = ) LOL...

Lexus - 7/21/2009 12:51:28 AM

+2 Boost

I thought last month an article posted up here saying how Porsche is the most profitable brand in the world or something. What happen? They got greedy and end up screwing themselves.

iamdabest1 - 7/21/2009 12:09:59 PM

+1 Boost

im stunned, yet at the same time, when india can own a british brand why should anything shock us?