Porsche, the sports-car maker with annual revenues of €7bn ($10.6bn), will soon control a €150bn car and trucks empire that would be Europe’s largest and include brands from Volkswagen and Audi to Bentley, Lamborghini and Scania.

Porsche on Monday received the go-ahead from an emergency meeting of its supervisory board to increase its stake in Volkswagen from 31 to more than 50 per cent.

Hours earlier, VW, Europe’s largest carmaker, agreed to buy more than two-thirds of Sweden’s Scania in addition to its controlling stake in Germany’s MAN, making the continent’s biggest truckmaker.

Full Story: Financial Times