Reports say Porsche buying majority stake in VW

Reports are circulating that Porsche is trying to buy Volkswagen. Porsche took 30 percent ownership of VW in March. A takeover offer was made then but less than 1 percent of VW shareholders accepted the offer. I mean, come on! Talk about a clash of cultures.
Porsche makes sports cars. VW does carbon offsets. When you think VW, James Dean in a roadster race car is probably not the first ting that comes to mind. Maybe Porsche has seen the modern Deans (DiCaprio, Damon) driving a Prius and decided to buy VW's green tech? The times they are a changin'.

Frankfurter Allgemeine Sonntagszeitung and Der Spiegel magazine, citing unnamed sources in the stock market, say it may take a while to cross the 50 percent mark. So expect the 7 billion euro deal to break the start of 2008. Then VW Beetle drivers everywhere can feel a little bit cooler.

Update: While it may seem like a clash of cultures, Porsche and VW has had a very long and close working relationship.

[Source: Forbes]

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