If you thought that Volkswagen has already completed its merger with Porsche, you’re wrong. However, Volkswagen is still very committed to taking over Porsche Automobile Holding SE even though the deal poses a sizeable obstacle due to tax and legal hurdles.
Taking over Porsche AG’s sports car business and its industry-leading margins is a key element of Volkswagen’s goal to take over Toyota as the world’s largest automaker with 10 million vehicles sales by 2018.
“Volkswagen remains totally committed to the Comprehensive Agreement and to the merger with Porsche,” CEO Martin Winterkorn said on Thursday. “However, the tax and legal hurdles still to be overcome on the way are not insubstantial.”
Winterkorn, who is also CEO of Porsche SE, said that preparations for the holding company’s planned 5 billion euro ($6.9 billion USD) capital increase in the first half of this year were “fully on schedule.”
– By: Omar Rana
Source: Automotive News