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FILE - In this Feb. 24, 2011 file photo the Volkswagen logo is photographed at the company's headquarters at the Volkswagen plant in Wolfsburg, Germany. Automaker Volkswagen says Wednesday, April 29, 2015, that net profit rose to 2.93 billion euros (US dollar 3.23 billion) in the January-March quarter, from 2.47 billion euros in the same quarter a year ago. (AP Photo/Ferdinand Ostrop, File)

Volkswagen's corporate structure will be overhauled into a decentralized system with four holding companies, a German newspaper reported today.

Handelsblatt, citing company sources, said that former BMW manager Herbert Diess will be in charge of one of these holding companies, which will include the VW, Skoda and Seat passenger car brands, according to Reuters.

The upmarket Audi, Lamborghini and Ducati brands will form another holding company and the commercial vehicles brands MAN, Scania and VW Commercial vehicles will form yet another, Handelsblatt said.

Porsche, Bugatti and Bentley will make up the fourth holding company, the newspaper said.

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