The Supervisory Board of Volkswagen AG endorses the creation of an integrated automotive group with Porsche under the leadership of Volkswagen. The Volkswagen Board of Management begins talks with the newly-nominated representatives of Porsche to jointly draw up a final concept to achieve this goal. The integrated automotive group will be formed from the progressive participation of Volkswagen in Porsche AG and the subsequent merger of Porsche Automobil Holding SE and Volkswagen AG. Porsche will remain an independent company headquartered in Stuttgart. In October 2009 Volkswagen AG will take a 49.9% stake in Porsche AG in a first step towards an integrated automotive group. The merger of Volkswagen AG and Porsche SE is scheduled to take place during 2011.