Europe's biggest carmaker, Volkswagen, said Tuesday it has finalised the purchase of Porsche Holding Salzburg (PHS) a lucrative automobile distributor, for 3.3 billion euros ($4.55 billion).
The acquisition, part of a global agreement between the two companies, is the "next major step towards the creation of the integrated automotive group of Volkswagen and Porsche," a statement said.
PHS controls the distribution and sale of Porsche sportscars in large parts of Europe and China, and was described by VW chairman Martin Winterkorn as "one of the world’s most efficient and profitable automobile trading companies."
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