Volkswagen AG and Porsche SE have announced that they will be an integrated automotive group with effect from August 1, 2012. The move comes after Porsche SE sold 50.1% of its stake in Porsche AG to Volkswagen AG for approximately €4.46 billion and one Volkswagen ordinary share. Volkswagen AG owns 49.9% of Porsche AG from a previous acquisition.
This means that Volkswagen AG has successfully added Porsche’s car-making business into its portfolio via an intermediate holding company. The consolidation also sets in motion Volkswagen remeasurement of its existing shares in Porsche Zwischenholding GmBH at their fair value.
“The unique Porsche brand will now become an integral part of the Volkswagen Group. That is good for Volkswagen, good for Porsche and good for Germany as an industrial location. Combining their operating business will make Volkswagen and Porsche even stronger – both financially and strategically – going forward. We can now cooperate even more closely and jointly leverage new growth opportunities in the high-margin premium segment through targeted investments in pioneering products and technologies. This will benefit our customers, our employees and our shareholders”, said Martin Winterkorn, chairman of the Board of Management of Volkswagen AG.