Volkswagen to take over Porsche next month

Europe's biggest automaker, Volkswagen, says it will complete the takeover of sports car manufacturer Porsche next month.German carmaker made the announcement at a news conference with Porsche on Thursday.Volkswagen will buy the remaining 50.1 percent of Porsche's auto business by August 1st, giving it total ownership. The deal will cost 4.46 billion euros, or nearly 5.61 billion dollars.

Despite the takeover, Porsche is expected to retain its independence as a separate luxury auto brand with its own research and development and production departments.Volkswagen Chairman Martin Winterkorn said the merger will make Volkswagen and Porsche even stronger in creating brands and promoting research and development.

The integration will put an end to years of fierce takeover battles between the two companies. At one point, the smaller-sized Porsche gained the upper hand after acquiring a stake of over 50 percent in Volkswagen.

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