Porsche said today that Porsche Automobil Holding and Volkswagen AG will create an integrated auto manufacturer that could unite 10 brands under one roof.
“In the final structure ten brands shall stand below an integrative leading company alongside each other, whereby the independence of all brands and explicitly also of Porsche shall be ensured,” a statement said.
The move comes after a meeting between Porsche and executives from Volkswagen to speed up Porsche’s stalled takeover of Volkswagen AG.
Volkswagen currently has nine brands while Porsche has a separately held brand owned by the Porsche and Piech families.
Porsche currently owns 51 percent of Volkswagen’s voting shares and plans to increase its stake above 75 percent later this year.
– By: Kap Shah