Volkswagen AG has finally purchased the remaining stake in Porsche SE for 4.46 billion euros ($5.6 billion).
Volkswagen AG has finally purchased the remaining stake in Porsche SE for 4.46 billion euros ($5.6 billion). With a total of 50.1 percent owership, the transaction, which proceeded as soon as an agreement with the German tax authorities was made, puts to rest a seven-year struggle after a failed attempt by Porsche to takeover Volkswagen in 2005.
Now the two companies will be able to fully consolidate as Volkswagen embraces the Porsche brand as its own, alongside existing automotive brands: Audi, Bentley, Bugatti, Lamborghini, Seat, Skoda. Other owned brands include truck makers MAN SE and Scania AB and motorcycle manufacturer Ducati.
"We can now cooperate even more closely and jointly leverage new growth opportunities in the high-margin premium segment," VW Chief Executive Officer Martin Winterkorn said in a statement. "Combining their operating business will make Volkswagen and Porsche even stronger -- both financially and strategically -- going forward."