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Business & Finance

Volkswagen and Porsche say no merger in 2011

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By Abdul Ahad
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PorscheBERLIN: A merger of German automakers Porsche and Volkswagen will not be completed in 2011 as had been planned, but the two companies said Thursday they still intend to create a tie-up.

The boards of the two companies concluded the merger "cannot be implemented within the time frame provided for" but said that "all parties remain committed to the goal of creating an integrated automotive group ... and are convinced that this will take place," according to a Volkswagen statement.

 

Copyright AFP (Agence France-Presse), 2011

 

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