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Volkswagen: Buying larger stake of Porsche

Volkswagen is buying a larger stake of Porsche when originally planned, 49.9% in first move.

Europe’s largest carmaker, Volkswagen, has said it is to buy 49.9% of sports car maker Porsche by the end of 2009 for about 3.9bn euros (£3.54bn;$5.8bn).

In August VW and Porsche agreed the details by which VW will merge with its German compatriot by 2011.

VW had initially been set to buy a 42% stake in Porsche by the end of this year for 3.3bn euros.

The deal will end months of acrimony between the two firms, and would end Porsche’s failed efforts to buy VW.

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Source: BBC