Volkswagen to add two brands after Porsche
15 September 2009
Volkswagen AG, Europe's largest automaker, may add two more brands after acquiring Porsche SE's sports-car business, according to the company's supervisory board chairman Ferdinand Piech.
Piech disclosed this at a VW event at the ongoing Frankfurt Motor Show that opens today.
Volkswagen may expand its collection of cars which include Audi, Skoda and Seat, to as many as a dozen and is taking over the manufacturer of the iconic 911, making its parent, Porsche, its 10th brand.
Volkswagen is acquiring Porsche's sports-car business after Porsche's holding company, which is controlled by the Porsche and Piech families, failed to take over VW (See: VW to take over Porsche in reverse bid)
Volkswagen's purchase of a 42 per cent in Porsche AG as a first step of the combination is due to be completed by the end of the year. Volkswagen, which already owns truckmaker Scania AB, also holds a 30-per cent stake in German truckmaker MAN AG (See: VW acquires 42-per cent stake in Porsche for $4.7 billion)