EC gives Porsche more speed for Volkswagen takeover

Macau News.Net
Wednesday 23rd July, 2008

The European Commission has given the German car manufacturer Porsche permission to take over Volkswagen.

The commission ruled that the move would not significantly impede European competition.

Porsche already owns 31 percent of Volkswagen, Europe's largest car producer, and is planning to increase its holding to over 50 percent.

The sports car company is expected to implement major jobs cuts in Volkswagen after the takeover.

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