Freshfields Bruckhaus Deringer and Clifford Chance (CC) have taken lead roles on a €4.5bn (£3.6bn) deal which has seen Volkswagen (VW) agree to buy the remaining 50.1% of Porsche it does not already own, reports The Am Law Daily.

The German car giants have joined forces three years after they first expressed interest in doing so and more than five years after Porsche launched an ultimately unsuccessful bid to take over VW.

The deal's structure calls for VW to assume control of Porsche's automaking operations with Porsche SE, advised by Hengeler Mueller, to exist as a holding company.