Volkswagen to acquire remainder of Porsche

July 9, 2012 12:00 AM

Volkswagen has announced it will complete its acquisition of fellow German automaker Porsche, buying the remaining 50.1 percent of the company, according to Reuters.

For several years now, Volkswagen has owned 49.9 percent of Porsche, the majority stake. Because of that, the German car giant has effectively controlled the luxury automaker.

The history of the two companies goes back far. Both descend from Ferdinand Porsche, who designed the original Beetle. Later, Porsche used those same design principles to make high-end sports cars for the automaker that bears his name.

Porsche's descendants feuded and the companies were operated separately for most of their histories. Then, Ferdinand Piech, Porsche's grandson, made it his goal to unite the two companies once again. It was once thought Porsche could actually acquire Volkswagen, but it has ended up the other way around.

Now, Volkswagen will pay nearly $5.9 billion to purchase the remaining shares in Porsche. The brand will continue to operate as it has for several years now, although the automakers are planning a number of joint projects.

Whether you own a Porsche, Volkswagen or any other vehicle, keeping up with scheduled maintenance is critical to keeping it on the road.

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