Antena 3 CNN Business Volkswagen finalises takeover of Porsche

Volkswagen finalises takeover of Porsche

Volkswagen finalises takeover of Porsche
06 Iul 2012   •   01:29

Volkswagen stepped up its efforts to become the world's number-one carmaker on Thursday by buying up the remaining part of Porsche that it did not already own, and in the process ended an epic takeover struggle between the two German brands, that sparked family feuds and investor lawsuits.

The deal will allow VW to speed up Porsche's integration into a multi-brand empire that aims to sell 10 million vehicles a year to become the world's no. 1 by 2018.

Joint projects already underway include Porsche's next model, the Macan compact SUV, due for a 2014 launch. VW also plans to begin assembling some Porsche models in its own plants.

VW, already a major player in emerging markets such as China, Russia and Latin America, will also need a bigger US presence if it is to win and maintain the global crown. Under CEO Winterkorn, VW last year opened a factory in Chattanooga, Tennessee, and is adding an Audi plant in Mexico.

Shares in Europe's biggest automaker rose strongly today after it agreed to buy the remaining half of the sports-car maker for 4.46 billon euros ($5.9 billion), exercising options held since the purchase of its initial stake in 2009. VW shares were 4.3% higher, while Porsche SE holding company stock was down 2.3%. The deal is expected to take effect by August 1, VW said.

The buyout price - 3.88 billion euros set by the original options, plus a share of expected dividends and other gains from the tie-up - takes VW's total outlay to about 8.4 billion euros for the entire business, excluding debt. VW now values Porsche at "clearly more than 20 billion euros".

The VW group - including brands as diverse as Skoda, Audi and Lamborghini - is currently ranked global no.3 after Toyota and General Motors, according to first-quarter deliveries data compiled by Ernst & Young.

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