The long awaited, and, at times, fraught, merger between Volkswagen and Porsche was finalised on 1 August as planned.
“The path is now finally clear for a bright future together. Even closer cooperation will enable us to significantly strengthen Volkswagen and Porsche, and further expand the group’s product portfolio with fascinating new vehicles”, said VW chairman Martin Winterkorn.
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Under the structure developed jointly by Volkswagen Aktiengesellschaft and Porsche Automobil Holding SE (Porsche SE), Porsche SE contributed its indirect 50.1% holding in Porsche AG to Volkswagen AG today.
Volkswagen thus holds 100% of the shares of Porsche AG via an intermediate holding company. The cash and share consideration of about EUR4.49bn is based on the equity value of EUR3.88bn for the remaining shares of Porsche AG set out in the agreement entered into in 2009, plus a number of adjustment items. Among other things, Porsche SE will be compensated for dividend payments from its indirect stake in Porsche AG that it would have received, as well as for half of the present value of the net synergies realisable as a result of the accelerated integration, which amount to a total of approximately EUR320m.
The accelerated integration of Porsche AG into the Volkswagen Group allows the implementation of a joint strategy more quickly.
“The unique Porsche brand will continue to develop successfully under Volkswagen’s multibrand strategy and proven decentralised management structure. Porsche will retain its own identity and operational independence, just like all of the other group brands”, said Winterkorn.
