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VW will buy 49.9% of Porsche by end of 2010

Defend Truth

VW will buy 49.9% of Porsche by end of 2010

Well, this is truly a story about a small fish trying to swallow the big one, only to fail and end up being a meal itself. The small(ish) fish: Porsche, the maker of dream cars. The (really) big fish: Volkswagen, owner of VW, Audi, Lamborghini, Bentley, Seat and Skoda. Porsche tried to swallow VW earlier this year, falling short after buying 51%, but failing to finance another 24% purchase that would make it absolute ruler of the people’s car maker. Now VW is to purchase 49.9% of Porsche in 2010 for a comparatively paltry $5.8 billion. Nobody will stand in their way as Porsche’s legendary CEO Wendelin Wiedeking is out of the job, of course. Perhaps the next company he runs will not end up looking for do-or-die expansion funds during a bad recession. Maybe he learnt the lesson. Read more: BBC News

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