Volkswagen has announced that they are planning to buy the remaining 50.1 percent stake in the Porsche automotive business.
The company said that this would enable them to make Porsche one of their premium brands along with others like Audi.
They are likely to pay around USD 5.6 billion for this remaining stake.
The two companies agreed on an acquisition deal back in 2009 when Porsche struggled to acquire Volkswagen and ended up with massive debts.
The company said: “We can now cooperate even more closely and jointly leverage new growth opportunities in the high-margin premium segment. Combining their operating business will make Volkswagen and Porsche even stronger — both financially and strategically — going forward.”