Volkswagen raises 4.1 billion euros for Porsche

• Source: Global Times
• [11:32 April 15 2010]
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Volkswagen AG announced today that it raised about 4.1 billion euros ($5.6 billion) in net proceeds to merge with Porsche.

The merger was announced last month, and it would go forward with financing to takeover Porsche SE's car-making operations.

A spokesman for Volkswagen said on April 8 Europe's largest carmaker plans to complete the merger in 2011.

In August Volkswagen agreed to merge with Porsche, the family-controlled holding company, after the Stuttgart-based automaker's debt tripled to more than 10 billion euros ($13.65 billion) following a failed bid to buy Volkswagen.