Porsche Automobil Holding SE To Sell Sportscar Unit To Volkswagen AG-DJ

Dow Jones reported that Porsche Automobil Holding SE wants to complete the sale of the remaining 50.1% stake in its sportscar business to Volkswagen AG as fast as possible once all examinations have been finalized and dismissed allegations by politicians that a tax-free deal before August 2014 would be disadvantageous for German tax payers. Porsche can sell the stake tax-free to Volkswagen in August 2014 by exercising a call option, but Winterkorn noted waiting that long 'doesn't help anyone involved'. VW already owns a 49.9% stake in Porsche's sportscar business and wants to take over the remaining 50.1% to leverage more economies of scale after the plan for a fully-fledged merger including Porsche's holding firm had to be abandoned last year due to legal obstacles.