Porsche Automobil Holding SE on Wednesday said it will merge operations with Volkswagen AG and come together as one giant automaker, essentially building 10 independent car brands under one roof.
Stuttgart, Germany-based Porsche said it is looking "to develop a corresponding basis for decision-making" within a month. The plan will also include unspecified "capital measures," Porsche added.
"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," the iconic sports-car maker said.
Volkswagen, of Wolfsburg, Germany, currently rolls out nine brands while Porsche builds its namesake sports cars and Cayenne SUVs.
Volkswagen followed up the announcement by saying it "welcomes the decision by representatives of the Porsche and Piech family shareholders."
Volkswagen said talks regarding the future structure will now take place between the two companies, representatives from their workforces and VW's home state of Lower Saxony -- which owns 20% of the carmaker.
Porsche announced back in January that it had built its stake in Volkswagen to more than 50% with an eye toward bringing it up to 75%. Porsche, however, is grappling with mounting debt amid the global auto recession.
