VW set to buy Porsche Holding Salzburg Group for $4.55Bil

Article by Christian Andrei, on November 12, 2010

In a move that Volkswagen AG says will help it reach its goal to become the top global automaker, VW will pay EUR3.3 billion ($4.55 billion) to purchase Porsche Holding Salzburg, Europe’s biggest independent auto dealer group. The group has long provided income for the Porsche and Piech clan.

However, a near-collapse of Porsche SE, the holding group for the Porsche sports car company and the dealer chain, forced the families to sell to VW in an effort to slash a EUR10 billion debt incurred during Porsche’s bid to get full control of VW.

The dealer group was founded in 1947 by Louise Piech (the daughter of pioneer Ferdinand Porsche) and her brother Ferry Porsche.

The Salzburg, Austria-based dealer group had unit sales of 421,000 new vehicles and EUR12.2 billion revenue in the 2009/10 financial year to March 31.

VW CEO Martin Winterkorn says the dealer group will raise VW’s auto trading performance, and will contribute to achieving the goals of the Volkswagen Group’s Strategy 18, which calls for VW to become the No. 1 global carmaker in profitability and sales. [via autonews - sub. required]

Topics: vw, porsche

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