Porsche, Volkswagen agree to speed up merger

Porsche and Volkswagen agreed on a plan to speed up the merger of their automotive businesses from August 1, 2012, the two carmakers announced late on Wednesday.

Under the plan, Porsche SE will receive around 4.46 billion euros and one Volkswagen ordinary share and in return, the sports car company will contribute the 50.1% of Porsche AG not yet owned by Volkswagen.