Vw Group may complete the purchase of 50.1% of Porsche SE this year

Article by Christian Andrei, on January 23, 2012

Within this year, Volkswagen Group may complete the purchase of the 50.1% of Porsche Automobile Holding SE's automotive business that it doesn’t yet own for 3.9 billion euros, according to a report from German magazine Der Spiegel that cited VW managers who asked not to be named. VW will be able to pay over 1 billion euros in taxes if the purchase is complete before 2014 by establishing a holding company to take control of the stake temporarily.

The magazine said that furthermore, Volkswagen will be taking measures to guarantee that Porsche remains independent within the VW group to get over resistance from Porsche labor leaders.

VW already owns 49.9% of Porsche's automotive unit. Last Sunday, Christine Ritz, a VW spokeswoman, said that VW continues to be in the process of determining a plan to integrate with Porsche SE's automotive business.

Ritz said that all the parties want to achieve its target of an integrated automotive group “as soon as it makes economic sense to do so." He added that an announcement will be made immediately after a decision is made about this goal. Ritz didn’t comment on Der Spiegel’s report.

Topics: vw, porsche

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