Volkswagen Wants To Finalize The Porsche Takeover in 2012
Added on: Jan 25, 2012
Volkswagen AG is looking to finalize the complete takeover of Porsche AG until the end of this year.
Volkswagen Group is getting ready to purchase 50,1% of the Porsche AG shares. VW has to pay 3,9 million euro for the respective shares and then to start a holding to temporary control the new purchase.
If the transaction will be completed by 2014, Volkswagen AG will not going to pay some taxes valued at more than 1 billion euro. The VW leaders already prepared a series of measures so that Porsche can be independent to avoid possible problems with Porsche union members.
"For the moment all parties involved want to form a integrated auto group. As we are going to take a decision for reaching this goal, we are going to communicate it. As we said in September, we want to check all alternatives and the process is on going" Christine Ritz, VW spokesperson said.
Volkswagen already owns 49,9% of Porsche AG. Through the Porsche purchase, the company will save around 700 million euro. The two companies are working on merger ever since 2009 when Posche tried to takeover Volkswagen. Porsche then recorded a debt of ten million euro after purchasing some Volkswagen shares.
