Volkswagen acquires Porsche Holding Salzburg for $4.56 billion

02 Mar 2011

1

German carmaker Volkswagen AG has acquired Porsche Holding Salzburg (PHS), the automobile trading business of the world's leading sports car maker, for €3.3 billion (around $4.56 billion).

The move is aimed at integrating the automotive group of Volkswagen and Porsche, Volkswagen said in a release.

"The business performance of Porsche Holding Salzburg is outstanding. It is one of the world's most efficient and profitable automobile trading companies and will, therefore, significantly strengthen the Volkswagen Group's sales activities," Martin Winterkorn, CEO of Volkswagen Aktiengesellschaft, said.

The acquisition, which was already foreseen in a comprehensive agreement, is in accordance with Volkswagen's previous announcements.

PHS, Winterkorn added, has industry-leading systems and processes and enormous experience in the retail sector. "Where meaningful, we will be transferring this know-how to the Group, thereby further enhancing the performance of our overall sales activities," he added.

Volkswagen will acquire all of PHS's wholesale and retail automobile operations, Porsche Informatik, Porsche Bank, Porsche Immobilien and Porsche Versicherung as well as the Paris-based PGA Motors.

Business History Videos

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more