Volkswagen AG announced today that it has taken a 49.9 percent stake in Porsche AG.
“The next important step on the way towards the integrated automotive group with Porsche has therefore been completed, as announced, before the end of the year,” Volkswagen said in a statement. “The price for the stake is €3.9 billion ($5.8 billion USD) and is based on the enterprise value for Porsche AG calculated under a careful due diligence and valuation procedure.”
The acquisition of the trading business of Porsche Holding Salzburg is planned for 2011, said the German automaker.
“The creation of the integrated automotive group is then to conclude with the merger of Volkswagen AG and Porsche SE during the course of the same year,” V-Dub said.
– By: Omar Rana