Print
    05 July 2012| last updated at 02:49PM

    VW to complete Porsche takeover in Aug



    0 comments

    BERLIN: Europe’s biggest automaker Volkswagen said it will likely finalise the takeover of German luxury sports car group Porsche by August 1, paying 4.46 billion euros (US$5.58 billion) plus one VW share.

     

    The two companies “agreed today on this concept,” VW said in a statement  issued late Wednesday.
       
    VW currently owns 49.9 per cent of Porsche, maker of the iconic 911 series  of sports cars, and will acquire all of the remaining 50.1 per cent under the  deal.
       
    The agreement “is good for Volkswagen, for Porsche and for German  industry,” VW and Porsche head Martin Winterkorn said in the statement.
       
    VW said the deal will produce synergies worth 320 million euros, which will  be shared equal between the two groups who had originally been expected to  complete their alliance sometime between 2012 and 2014.
     
    Porsche tried to take over VW in 2008 but the attempt failed and the luxury  car maker was in turn saved by Volkswagen.
     
    VW said it would hold a press conference at 0800 GMT Thursday at its  headquarters in Wolfsburg. -- AFP
    Related Articles
    • Volkswagen CEO stresses cautious outlook
    • VW net profit up 58 percent on accounting gain

    Leave Your Comment


    Leave Your Comment:

    New Straits Times reserves the right not to publish offensive or abusive comments and those of hate speech, harassment, commercial promos and invasion of privacy. Your IP will be logged and may be used to prevent further submission.The views expressed here are that of the members of the public and unless specifically stated are not those of NST.