Porsche announced a merger with German manufacturer Volkswagen after weeks of discussions. The luxury car maker claims its aim is to see the "creation of an integrated car manufacturing group."
VW welcomed the merge as it means that Porsche won't be taking over. Talks about the format of the new group will be discussed between the two companies in VW’s home state of Lower Saxony, with employee representatives.
The merge will unite 10 brands: nine of them are owned by VW; the other is Porsche sports car brand.