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STUTTGART, Germany — Porsche and Volkswagen may soon be joined in what Porsche's CEO calls "one of the strongest and most innovative automobile alliances in the world," now that Porsche has been given the go-ahead to take a majority stake in VW.
The Porsche supervisory board agreed to let the company take a higher-than-50-percent stake in VW at a meeting here. Porsche currently holds approximately 31 percent of Volkswagen.
When the purchase goes through, VW will become a subsidiary of Porsche Automobil Holding SE — although Porsche says there are no plans to merge the two companies. VW's European workers will also be folded in to the company's Works Council — and will dominate it because of the larger numbers of Volkswagen employees.
Wendelin Wiedeking, Porsche CEO, says the new relationship will be "a partnership based on fairness and collegiality" and that it "secures the long-term future of both companies." Government regulators will likely take several months to approve the arrangement, German media