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VW controls 49.9% of Porsche

2009-12-08 07:46
Frankfurt - Volkswagen took the second step in its multi-stage integration with Porsche SE, acquiring on Monday a 49.9% stake in its sports car business for 3.9 billion euros.

The deal means that Porsche SE will deconsolidate Porsche AG from its accounts, which will help offset a heavy book loss from the deconsolidation of its 50.1% stake owned in Volkswagen.

"The acquisition of the (car) retail business of Porsche Holding Salzburg is planned for 2011. In the course of 2011 an integrated automotive group will be completed through the merger of Volkswagen with Porsche SE," VW said in a statement on Monday.

Volkswagen reaffirmed the integration would lead to annual synergies of about 700 million euros.

Porsche SE racked up billions of euros in debt in an attempt to acquire 75% control of VW's votes, leading to the dismissal of Porsche's two top managers and a reverse takeover that prevented a looming collapse of the company.

Last week, VW implemented the first step in its transaction after shareholders authorised management to issue by December 2014 up to 135 million new preferred shares to fund the transaction.

Volkswagen valued Porsche AG and Porsche Holding, Europe's largest car dealership group, at a combined total of 16 billion euros in equity and debt.

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