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On 29 June 1932, Audiwerke, Horchwerke and Zschopauer Motorenwerke/DKW merged on the initiative of the State Bank of Saxony to form Auto Union AG. At the same time a purchase and leasing agreement was concluded with the Wanderer company for the acquisition of its automobile department. The new group had its headquarters in Chemnitz. When Auto Union AG was established, it was the second-largest motor vehicle manufacturer in Germany. The four interlocking rings chosen as its emblem symbolised the indissoluble unity of the four member-companies. The brand names Audi, DKW, Horch and Wanderer were retained. Each of the four brands was allocated a specific market segment within the new company: DKW (motorcycles and small cars), Wanderer (medium-size cars), Audi (cars in the upper midsize market segment), Horch (top-class luxury cars).