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 |  Jul 23 2009, 11:27 AM

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Several months ago Porsche was poised to buy Volkswagen. Today Volkswagen received the approval it needed to do just the opposite.

A “supervisory board” meeting, comprised of board members from both Volkswagen and Porsche, as well as the Porsche and Piëch families and the German State of Lower Saxony, today gave unanimous consent to a “integrated automotive group” that will by all accounts see Germany’s largest automaker take control of its most storied sports car manufacturer.

The move comes just a day after Porsche ousted its CEO Wendelin Wiedeking.

Dr. Wolfgang Porsche said that, “Porsche will preserve the myth and identity of the Porsche brand in the integrated group,” and added that the deal with Volkswagen will allow for further growth.

Chairman of the board Dr. Ferdinand K. Piëch echoed that statement saying that, “Together, Volkswagen and Porsche have all it takes to occupy a leading position in the international automotive industry.”

The details of the deal will be arrange over the next few months as Porsche joins a growing Volkswagen Group of companies which includes Bentley, Audi, Lamborghini, Seat and Bugatti.

Official release after the jump:

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