Bloomberg News

Volkswagen May Complete Porsche Takeover This Year, Spiegel Says

January 23, 2012

Jan. 22 (Bloomberg) -- Volkswagen AG may this year complete the purchase of the 50.1 percent of Porsche SE’s automotive business that it does not already own for 3.9 billion euros, Spiegel said, citing unidentified VW managers.

VW will get around having to pay more than 1 billion euros in taxes if completing the purchase before 2014 by setting up a holding company to temporarily take control of the stake, Spiegel reported. Volkswagen will also take steps to ensure Porsche’s independence within the VW group to get over resistance from Porsche labor leaders, the magazine said.

VW already owns 49.9 percent of Porsche’s automotive unit.

To contact the editor responsible for this story: Chad Thomas at cthomas16@bloomberg.net


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