VW purchase triggered profit growth of Porsche
Volkswagen agreed on July 4 to purchase a 50.1 percent stake in the brand from Porsche SE for 4.46 billion euros, assuming full ownership of the sports-car maker. The transaction is due to close next week. Porsche AG maker being purchased by Volkswagen said first-half profit jumped 21 percent on demand for a new generation of the 911.
Operating profit rose to 1.26 billion euros ($1.55 billion) from 1.05 billion euros a year earlier and the revenue increased 29 percent to 6.76 billion euros.