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VW to take 49.9% Porsche stake
20 October 2009
Volkswagen will take a larger than expected 49.9 per cent in Porsche AG as the two firms move ever closer towards a full merger.
Europe’s largest carmaker VW plans to merge with Porsche SE, the holding company which is responsible for the AG engineering and manufacturing side of Porsche, by 2011.
Porsche SE had said in August it would sell a 42 per cent stake in AG to VW for 3.3 billion euro (£3bn), but the new deal will cost VW 3.9bn euro (£3.6bn).
Porsche had to turn to VW for help after it racked up a 10bn euro (£9.1bn) debt in trying to takeover the firm.
VW also said that negotiations between the two firms were going better than expected, and the deal was expected to be completed with the 2011 timeframe given.
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