Volkswagen plans to buy all of Porsche for US$11.3 billion, says Der Spiegel

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Porsche SE's controlling families will agree on Thursday to accept an offer by Volkswagen to buy its sports car business Porsche AG for roughly €8 billion (US$11.28 billion), Der Spiegel reported on Saturday.

Germany's leading weekly magazine wrote that the rival Porsche and Piech clans, which own 100% of Porsche SE votes, will approve the two-stage takeover at a supervisory board meeting on 23 July.

Volkswagen would purchase a 49.9% stake in Porsche AG and at a later date acquire the rest, in a deal that would create an integrated automotive group with 10 brands under the leadership of the Wolfsburg-based carmaker.

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