Volkswagen AG has finalised the purchase of the automobile trading business of Porsche Holding Salzburg (PHS) for 3.3 billion euros ($4.55 billion), taking another step toward a full merger of the two companies, the biggest European automobile company said in a statement.
Volkswagen CEO Martin Winterkorn said Porsche Holding Salzburg (PHS) is “one of the world’s most efficient and profitable automobile trading companies and will therefore significantly strengthen the Volkswagen group’s sales activities.”
PHS is responsible for the distribution and sale of Porsche sports cars and was described by VW chairman Martin Winterkorn as “one of the world’s most efficient and profitable automobile trading companies.”
VW already owns 49.9 percent of Porsche’s core manufacturing unit and plans to buy the rest, making it the group’s 10th brand.
