Report: Vw’s supervisory board will meet on February 14 to talk about Porsche deal

Article by Christian Andrei, on January 30, 2012

Volkswagen's supervisory board will meet on February 14 to talk about plans to acquire the remaining 50.1% of Porsche Automobile Holding SE's sports car business, according to the Der Spiegel magazine. It reported that a draft for this deal has already been prepared by German Finance Ministry. For the stake that’s left, Volkswagen will need to pay 3.9 billion euros ($5.1 billion) plus taxes.

The magazine said that instead of an expected 1 billion euros, Volkswagen will need to pay a "low three-digit million" amount in taxes.

This acquisition will cost Volkswagen slightly more than 8 billion euros. In December 2009, Volkswagen acquired 49.9% of Porsche sports cars for 3.9 billion euros. This was part of a deal that stopped the probable insolvency of much indebted parent Porsche SE. Volkswagen has yet to comment on this report.

Volkswagen said that Porsche SE has a put option to sell its 50.1% exercisable from Nov. 15. Meanwhile, Volkswagen could exercise its call option between March and April of 2013.

Volkswagen said recently that they’re studying other possible methods aside from the put-call options that would permit an integration of Porsche within VW as soon as possible. [source: Autonews]

Topics: vw, porsche

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