Volkswagen Takes Over Rest Of Porsche For $5.6 Billion
July 5 , 2012
Volkswagen AG (VW) agreed to completely take over Porsche SE by buying out the 50.1% stake that is not already owned by VW. The takeover which was initiated over seven years ago shall now cost Volkswagen $5.6 billion (4.46 billion euros). Stuttgart-based Porsche will now fully merge with Wolfsburg-based Volkswagen by August, but it is still not certain if the brand will be retained. VW proceeded with the take over after receiving a clearance from the German tax authorities. The synergy will mean leveraging new avenues for growth. VW plans to revalue existing Porsche shares and book a gain of over 9 billion euros.