This is "Alarm für Cobra 11 - Die Autobahnpolizei," a schlocky, popular German TV serial about a two-man highway patrol. Somehow, the show got its hands on what appear to be a BMW M1 Procar and a 1970 Porsche 917.
This clip showed up today on the excellent Axis Of Oversteer and I'm still a little stunned. Amazing as it all is, I'd guess that the 917 is a replica, as these old cars can cost a fortune if you break anything. One autojournalist blew an engine of a replica and it cost him $174,000.
Still, it's amazing that this chase was made. It was for the sixth episode of the show's 26th season, as archived by the Internet Movie Car Database, and it looks to me like it was shot in Meilenwerk Düsseldorf. Or possibly in my dreams.