Europe’s car and truck industry underwent fundamental change on Monday as Porsche announced it would take over a majority stake in Volkswagen, which itself agreed to buy more than two-thirds of Scania, the Swedish truckmaker.

Porsche’s move would put it in charge of a €150bn ($229bn) cars and trucks empire ranging from its own sports cars through marques such as VW, Skoda, Audi and Lamborghini to the heavy trucks of Scania and Germany’s MAN.