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Provider: Reuters Investment Profile
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Provider: GlobalData
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Volkswagen AG To Buy Rest Of Porsche Automobil Holding SE's Sports-Car Business-WSJ


Wednesday, 4 Jul 2012 08:00pm EDT 

The Wall Street Journal reported that Volkswagen AG has reached an agreement to acquire the rest of the Porsche Automobil Holding SE's sports-car business it doesn't own. Under the plan, Volkswagen will pay Porsche Automobil Holding SE, the holding company that owns the majority of storied German sports-car maker Porsche AG EUR4.46 billion ($5.59 billion) in cash, plus one ordinary share in Volkswagen, in exchange for the remaining 50.1% of the sports-car operations. The two German companies said they expected to finalize the takeover agreement on August 1. Volkswagen's initial plan called for Volkswagen to merge with Porsche SE. But that was shelved after lawsuits filed by dozens of hedge-fund managers seeking billions of dollars in damages from Porsche. Under the current agreement, Volkswagen will instead take over Porsche's sports-car operations, leaving Porsche SE a stand-alone holding company albeit one that will continue to own a 32.2% stake in Volkswagen. Porsche SE, of which the Porsche and Piech families control 90%, said it would use the proceeds from the deal to repay some EUR2 billion in bank loans. 

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