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Updated Saturday, November 21, 2009 1:25 pm TWN, AFP

Volkswagen board approves Porsche takeover

BERLIN -- Volkswagen, Europe's biggest carmaker, said on Friday that its supervisory board had cleared the way for its planned takeover of sports car maker Porsche. The German giant said in a statement that its supervisory board had approved on Thursday contracts determining details of the two firm's complex tie-up. Porsche's board was expected to follow suit on Friday.
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