Volkswagen, Porshe Talk About Merger Plan
Two German carmaker giants, Porshe and Volkswagen, have recently announced its plan to merge in an effort to boosts its global operation amid recession which has severely weakened the auto industry especially in the US where carmakers have already received billion-worth of stimulus packages but still experienced financial meltdown.
Two German car giants, Volkswagen and Porshe, have recently announced merger plans in an effort to restructure its business amid global recession which greatly hit the auto industry.
In a statement, luxury carmaker Porshe said that it has decided to merge with Volkswagen after weeks of intensive talks.
Porshe has acquired several European auto brands including Lamborghini, Audi, Bugatti, and Bentley, among others. Meanwhile, the carmaker giant said that it allows independence of all the brands.
In a separate statement, Volkswagen officials lauded Porshe’s decision to allow the merger of the two European automaker giants.
According to analysts and economists, merger often happens when there is an ongoing recession. This strategy aims to protect the finances of companies amid slumping sales and low demand while preventing meltdown.
Recently, Chrysler filed for bankruptcy after failing to meet the government concession. Meanwhile, Italian carmaker Fiat has acquired Chrysler and has also expressed plan to takeover General Motor’s European facilities, calling the two US carmakers as ideal business partners.
Fiat said that it will build a new auto company which will include Chrysler. Fiat, Ferrari, and Alfa Romeo brands are currently under Fiat Group Automobiles.
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