Clifford Chance (CC) and Freshfields Bruckhaus Deringer have advised Volkswagen and Porsche as the two European car icons took the first step in creating a combined company that could challenge Toyota’s dominance in global auto sales.

Under the terms of the new merger agreement, VW will initially spend $4.7bn (£2.9bn) to acquire a 42% stake in Porsche as the first step in a long-term combination that will be finalised by 2011. Volkswagen will issue new stock in 2010 to fund that purchase.

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