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]