Volkswagen will be adding the Porsche brand to its already staggering portfolio, which includes Audi, Lamborghini, and Bentley. The two companies have been locked in a power struggle for nearly four years as Porsche slowly tried to acquire a majority stake in VW. It was not until earlier this year—when Porsche extended itself too thin by securing a credit line of 10-billion Euros to acquire more VW shares—that the talks started to turn towards VW taking control of Porsche. The credit crunch and a drop in sales led the company to then seek refuge in the hands of Volkswagen.

The agreement came on the heels of the announcement that Porsche’s CEO Wendelin Wiedeking was stepping down from his position after a 16-year run. Wiedeking was choked up at as he announced that he would be leaving the company and donating half of his 50-million Euro severance package to a foundation for Porsche’s workers.

“You make the speech damn hard,” he said. “Without you, I wouldn’t have been anything.”

When Wiedeking came in 1993, Porsche was hemorrhaging money.  He was able to turn the company around and by the early 21^st Century, the company was making more profit per car than any other manufacturer.

[via Bloomberg]

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