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VW CEO eyes put-call options to take over Porsche

The new Porsche Carrera 911 S is presented at the International Motor Show (IAA) in Frankfurt
The new Porsche Carrera 911 S is presented at the International Motor Show (IAA) in Frankfurt

DETROIT (Reuters) - Volkswagen is itching to combine Porsche SE's sportscar business with its own and is looking at the possibility of using put-call options to achieve that, VW Chief Executive Martin Winterkorn said.

"The goal is to have an integrated automotive company as soon as possible," he told journalists at the Detroit Car Show.

"We are already working with Porsche now, but that is just business at arm's length. We want to work with them like we do with Audi, Seat and Skoda."

Volkswagen last year said it would delay a merger with Porsche Automobil Holding SE, which would have given it full control over the sports car unit, beyond 2011 because of legal issues.

All signs point to a straightforward takeover of the 51 percent of the sports car business it does not yet own, which would involve the use of put-call options previously agreed between Porsche SE and Volkswagen.

(Reporting by Christiaan Hetzner; Writing by Maria Sheahan)

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