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| Porsche proposes VW 'integration' | Porsche proposes VW 'integration' |
| (10 minutes later) | |
| Carmaker Porsche has proposed closer ties with fellow German manufacturer Volkswagen Group after weeks of talks between the two firms' management. | Carmaker Porsche has proposed closer ties with fellow German manufacturer Volkswagen Group after weeks of talks between the two firms' management. |
| The luxury carmaker said in a statement that it wanted to see the "creation of an integrated car manufacturing group". | The luxury carmaker said in a statement that it wanted to see the "creation of an integrated car manufacturing group". |
| Talks will now take place between the two carmakers, VW's home state of Lower Saxony, and employee representatives. | Talks will now take place between the two carmakers, VW's home state of Lower Saxony, and employee representatives. |
| Porsche said it hoped there would be progress in talks with VW - Europe's biggest carmaker - within four weeks. | Porsche said it hoped there would be progress in talks with VW - Europe's biggest carmaker - within four weeks. |
| Brand independence | Brand independence |
| The move would unite 10 brands under one roof, Porsche said. | The move would unite 10 brands under one roof, Porsche said. |
| Nine of the brands are owned by VW, and the other is the Porsche sports car brand. | Nine of the brands are owned by VW, and the other is the Porsche sports car brand. |
| "In the final structure 10 brands shall stand below an integrative leading company alongside each other, whereby the independence of all brands and explicitly also of Porsche shall be ensured," a Porsche statement said. | "In the final structure 10 brands shall stand below an integrative leading company alongside each other, whereby the independence of all brands and explicitly also of Porsche shall be ensured," a Porsche statement said. |
| It also said that its plan would also include unspecified "capital measures". | It also said that its plan would also include unspecified "capital measures". |
| 'VW law' | 'VW law' |
| In January, Porsche announced it had increased its stake in Volkswagen to more than 50%, and said it planned to lift its stake in VW to 75%. | In January, Porsche announced it had increased its stake in Volkswagen to more than 50%, and said it planned to lift its stake in VW to 75%. |
| That ambition was reported to have been dropped by Porsche before it made its new move on integration. | That ambition was reported to have been dropped by Porsche before it made its new move on integration. |
| However, even with a 75% stake it would not have been able to take complete control as the "VW law" allows the state of Saxony, which holds 20%, to block strategic decisions. | However, even with a 75% stake it would not have been able to take complete control as the "VW law" allows the state of Saxony, which holds 20%, to block strategic decisions. |
| Stock markets had closed before the announcement, with Porsche shares up 1.2%, and VW's down slightly, by 0.4%. |