European auto giant Volkswagen Aktigenesellschaft on Tuesday said it has bought 49.9% stake in luxury car maker Porsche for $5.8 billion.
Volkswagen said the combintion of the two companies follows a compelling strategic industrial and financial logic and the move is expected to help it gain around in operating profits in the long term.
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The Stuttgart based car maker will allow Volkswagen to further expand its position in the premium business which offers particularly strong earnings Volkswagen said in a statement. By this the annual operating profit of the Volkswagen Group is expected to increase by some million in the long term.
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