VW to purchase Porsche


News broke over the weekend the VW will purchase Porsche.

Porsche SE’s controlling families will agree Thursday to accept an offer by Volkswagen to buy its sports car business Porsche AG for roughly 8 billion euros ($11.28 billion), Der Spiegel reported Saturday.

Germany’s leading weekly magazine wrote that the rival Porsche and Piech clans, which own 100 percent of Porsche SE votes, will approve the two-stage takeover at a supervisory board meeting on July 23.

There are several hurdles to the deal, however, including some tax issues, so we may not see this deal close as soon as initially reported.


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