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Porsche board okays VW merge

2009-11-23 11:50
The supervisory board of indebted automotive holding Porsche SE signed off on a contract to merge with its majority-owned, cash-rich subsidiary Volkswagen by 2011, Porsche said on Friday.

"The next milestone is the 49.9% investment of Volkswagen in Porsche AG by the end of 2009," the company said in a statement, adding the VW board had already approved the deal as expected in a meeting late on Thursday.

Volkswagen is acquiring a stake in Porsche AG just as the iconic sports car maker is entering a new growth phase with the launch of its fourth model line, the four-door Panamera grand tourer.

Porsche AG's listed parent Porsche SE first needed to create the preconditions for a deal when it successfully restructured last week billion of euros in bank debt.

"Porsche SE's existing credit line of 10.75 billion euros was replaced with a new credit line of as much as 8.5 billion euros," it said on Friday, confirming a Reuters report.

Previous management at Porsche had argued the sale of a near majority in its operating business to Volkswagen would allow creditors to immediately call their 10.5 billion euro loan.

Porsche paid a symbolic dividend after withdrawing 1 billion euros from retained earnings to offset a massive fiscal year loss.


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Opel Astra 1.4T Enjoy auto – understated and smart new hatch

When it comes to the mid-size hatchback choice, there are a few default choices, a few bland ones… and some often overlooked cars. The Opel Astra hatch is an example of the latter, writes David Swanepoel. - Sponsored

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