Porsche schedules extraordinary meeting on V-dub merger

Porsche Automobil Holding SE has scheduled a general meeting for mid-December, where the company’s shareholders will vote on a merger with Volkswagen AG.

Porsche SE and Volkswagen Group CEO Martin Winterkorn said that both companies are on their way for ‘distinct growth’ even as condition in the world economy remain ‘challenging.’ By ‘challenging,’ Winterkorn means the increase in prices of raw material prices and countries’ debts.

Winterkorn said that Volkswagen is on the verge of another ‘very successful’ business year in 2011.

Volkswagen has goals of overtaking Toyota as the world’s largest automaker with 10 million vehicle sales annually by 2018. Gaining full control of Porsche’s sports car business is a core of V-Dub’s strategy.

– By: Omar Rana

Source: Automotive News