VOLKSWAGEN : SUPERVISORY BOARD LAYS FOUNDATION FOR INTEGRATED AUTOMOTIVE GROUP
Supervisory Board lays foundation for integrated automotive group
1. Supervisory Board lays foundation for integrated automotive group
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2. Broad approval for integration of Volkswagen and Porsche
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Supervisory Board lays foundation for integrated automotive group
Wolfsburg, July 23, 2009 - At its extraordinary meeting today, the Supervisory Board of Volkswagen Aktiengesellschaft endorsed the creation of an integrated automotive group with Porsche under the leadership of Volkswagen. The Volkswagen Board of Management will now begin talks with the newly-nominated representatives of Porsche to jointly draw up a final concept to achieve this goal. At the same time, a comprehensive auditing and assessment process will be initiated as the prerequisite for signing an agreement on the principles relating to the combination of the two companies.
The integrated automotive group will be formed from the progressive participation of Volkswagen in Porsche AG and the subsequent merger of Porsche Automobil Holding SE and Volkswagen AG. Porsche will remain an independent company headquartered in StuttgartIn the opinion of all parties, this basic concept represents the best possible solution for pooling the strengths of both companies as envisaged.
The agreement on the principles which is now to be negotiated will specify the further procedure and the individual transaction steps. In this context, the Supervisory Board expressly welcomes the inclusion of Qatar among Volkswagen's shareholders as a strategic partner committed to supporting the goal of an integrated automotive group. The final concept for the envisaged union of Volkswagen and Porsche will preserve the Volkswagen Group's financial solidity and sustain its ability to act as well as ensuring Porsche's independenceMoreover, appropriate consideration will be given to the interests of all stakeholders when setting up the automotive group.
Volkswagen welcomes the intention of the Porsche and Piech family shareholders to retain a close involvement in the further process and to remain the major active shareholder of Volkswagen going forward. The Supervisory Board of Porsche SE also approved the creation of the integrated automotive group at its meeting today, laying down important foundations to that end.
ProfDr. Martin Winterkorn, Chairman of the Board of Management of Volkswagen Aktiengesellschaft, commented: 'The envisaged union of Volkswagen and Porsche follows a compelling industrial logic and offers promising perspectives: it makes two strong companies even stronger. Volkswagen and Porsche have excellent know-how at their disposal and can use their resources even more efficiently by combining them. For this reason, we expect additional growth opportunities, safeguarding existing jobs and creating new ones. At the same time, we can call on our considerable experience in the integration of proud and successful brands rich in tradition. Like Audi today, Porsche can also continue its independent development under the aegis of Volkswagen and preserve its own identity. We have great respect for the achievements of the Porsche workforce and are convinced that Porsche can enrich the Volkswagen Group - just as Volkswagen can vice versa enrich Porsche.'
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Volkswagen Group Communications
Head of Group Communications Stephan Grühsem Phone: +49 (0) 53 61 / 9 - 2 31 55 Fax: + 49 (0) 53 61 / 9 - 2 14 73 E-Mail: stephan.gruehsem@volkswagen.de
Head Corporate & Business Communications Peik von Bestenbostel Phone: +49 (0) 53 61 / 9 - 8 65 23 Fax: +49 (0) 53 61 / 9 - 7 46 29 E-mail: peik.bestenbostel@volkswagen.de
Group Head of Investor Relations / Spokesperson Finance Christine Ritz Phone: +49 (0) 53 61 / 9-4 98 40 Fax: +49 (0) 53 61 / 9-3 04 11 E-mail: christine.ritz@volkswagen.de
www.volkswagenag.com www.volkswagen-media-services.com
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Broad approval for integration of Volkswagen and Porsche
Wolfsburg/Stuttgart, July 23, 2009 - The Supervisory Board meetings of Volkswagen Aktiengesellschaft and Porsche Automobil Holding SE which took place in Stuttgart on Thursday cleared the way for an integrated automotive group combining Volkswagen and Porsche. The details of a final joint concept will be worked out over the coming weeks. Representatives of the Porsche and Piech families, the State of Lower Saxony and the workforce of both companies have however already expressed their great satisfaction with the foundations that have now been laid.
The Chairman of the Supervisory Board of Volkswagen Aktiengesellschaft, Dr. Ferdinand K. Piech, sees the integrated group clearly on course for success: 'Together, Volkswagen and Porsche have all it takes to occupy a leading position in the international automotive industry.' Talking in Stuttgart, Dr. Wolfgang Porsche emphasized that today's resolutions represented a landmark decision and a milestone achievement for the future, adding: 'Porsche will preserve the myth and identity of the Porsche brand in the integrated groupThat brings new prospects for growth.'
The labor representatives Bernd Osterloh, Chairman of the Group Works Council of Volkswagen, and Uwe Hück, Chairman of the Group Works Council of Porsche, were extremely positive in their assessment of the perspectives for the integrated group. According to Osterloh: 'We are definitely heading in the right direction. Over the coming weeks, we must make sure the employees benefit from the new perspectives, too.' Hück commented: 'Porsche will retain its independence in the integrated automotive groupPorsche must remain Porsche.'
The Prime Minister of Lower Saxony, Christian Wulff, underlined that the solution represented the best course for both companies: 'This solution accommodates the interests of all concerned and safeguards the strength and performance of Germany's automotive industry.'
Volkswagen Group Communications Head Corporate & Business Communications Peik von Bestenbostel Phone: +49 (0)53 61 / 9- 8 65 23 Fax: +49(0) 53 61 / 9- 7 46 29 E-mail: peik.bestenbostel@volkswagen.de www.volkswagenag.com www.volkswagen-media-services.com
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