After a very long engagement, Volkswagen and Porsche have finally tied the knot and formally completed a long awaited merger.

According to euronews, Porsche and VW have completed their merger, and is projected to reduce costs in development, purchasing and production; a figure speculated to be over 700 million Euros. Also, the merger aims to finish off Porsche's debt, a figure in the region of 2.5 billion Euros.

The two German brands agreed to a full merger 3 years ago, with Porsche even trying to take over VW; a move that started a clash between the Porsche and Piech families.

Volkswagen has already owned 49.9% of the luxury and sportscar maker. VW paid 4.46 billion Euros to acquire the other half of the shares of Porsche.

Porsche is known as a highly profitable luxury automaker, and produces the ever iconic 911 as well as an extensive line of cars like the Cayman, Boxter, Panamera sedan and the Cayenne SUV. The Macan, another Porsche SUV in development, is set to go on sale by 2014 and will expand Porsche's SUV portfolio, slotting in under the Cayenne.