FACTBOX: Porsche, Volkswagen move closer to merger

(Reuters) - Porsche Automobil Holding SE directors sacked the firm's CEO and CFO following an all-night board meeting, clearing the way for the carmaker to merge with Volkswagen, Europe's largest carmaker.

Following are some key facts about the deal:

* Creation of a combined automotive group is targeted for mid-2011

* Details on plans for the combined company to be mapped out at VW supervisory board meeting on August 13.

* The combined company would generate more than 120 billion euros in pro-forma revenue from the sale of nearly 6.4 million vehicles, based on figures from the two carmakers' past fiscal years.

* Volkswagen will buy a stake in Porsche's sports car business that it would increase over time.

* German state of Lower Saxony will retain its 20 percent blocking stake in VW.

* Qatar will buy Porsche options on VW stock equivalent to a 17 percent voting stake.

* Porsche has authorized its new management to bring negotiations with Qatar over the sale of a stake in exchange-listed Porsche Automobil Holding SE to a successful conclusion.

(Reporting by Christiaan Hetzner; editing by Karen Foster)