Sales negotiations lead to Volkswagen acquisition
Volkswagen has completed the takeover of Porsche Holding Salzburg.
Volkswagen has concluded sales negotiations that have resulted in the company buying Porsche Holding Salzburg (PHS) - the automobile trading firm.
The €3.3 billion (£2.8 billion) transaction is expected to be closed in the first half of next year, but no later than the end of September.
As a result of the deal, Volkswagen expects to considerably increase its trading operations.
Dr Martin Winterkorn, chief executive of the company, said: "PHS is a highly profitable and efficient automobile trade company," adding: "[It] sets the benchmark for our industry in key areas of the automobile trade such as customer orientation."
Mr Winterkorn added the firm will keep its status as a single organisation and, as well as retaining its assets and brands, will continue with the same successful business model.
In 1953, Volkswagen became the first official importer to the UK and today employs almost 600 people nationwide, including 180 at its Blakeland headquarters.