VW proposes takeover of Porsche

German carmaker Volkswagen says it is on track to finalize the full takeover of sports car manufacturer Porsche by the end of the month.

German carmaker Volkswagen says it is on track to finalize the full takeover of sports car manufacturer Porsche by the end of the month.

Volkswagen, Europe's biggest carmaker, said on Friday that its supervisory board had cleared the way for its planned takeover of sportscar maker Porsche.The German giant said in a statement that its supervisory board had approved on Thursday contracts determining details of the two firm's complex tie-up. Porsche's board was expected to follow suit on Friday.The approvals are expected to draw a line under a fierce power struggle between the two automakers in recent years that counts Porsche's former boss Wendelin Wiedeking and its finance chief as casualties.

LEIPZIG, Germany (Reuter

German auto maker Volkswagen announced Monday that it had acquired a 49.9-percent stake in luxury sports car-maker Porsche for 3.9 billion euros (5.8 billion dollars).Last week, Volkswagen shareholders overwhelmingly approved a capital increase aimed at financing the purchase. The vote will allow Volkswagen to raise about 8.0 billion euros by 2014.Europe's biggest auto maker plans to complete the takeover of Porsche by 2011 and wants to eclipse Toyota, the world auto leader, by 2018.

FRANKFURT (Reuters) - Volkswagen's record year results beat expectations, showing Europe's largest carmaker has enough financial firepower to complete its planned takeover of Porsche. "Fiscal year...