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It’s no secret that Volkswagen has wanted to add Porsche to its portfolio for quite some time now. After Porsche tried to acquire the VW Group without any success, the two companies decided in 2009 to complete a merger until the end of 2011.
The plan, however, was put on hold after lawsuits followed in the U.S. and Germany by Porsche shareholders who claimed that the latter had attained a debt of €10 billion (US$13 billion) in acquiring the majority of VW’s common stock.
Citing two sources familiar with the matter, German publication Der Spiegel says that VW has ditched the merger plan altogether. Since it already owns 49.9 percent of Porsche’s stock, it has decided to buy out the remaining 50.1 percent.
From a business point of view, it makes perfect sense. The two companies are already exchanging technology and incorporating Porsche into the VW Group would make synergies much more efficient.
Porsche spokesman Frank Gaube did not entirely dismiss the report: “As we said in September, we want to check alternatives and that process is ongoing".
On Volkswagen's behalf, VW spokeswoman Christine Ritz said: “Of course, all the parties are interested in achieving the goal of an integrated automotive group as soon as it makes economic sense to do so. As soon as we have made a decision, we will communicate that.”
This won’t probably happen before November 15, since doing so would mean that VW would have to pay a tax bill of €1 billion (US$1.3 billion), according to German law. On the other hand, if VW waits until the second half of 2014, it will pay zero taxes.
Story References: Businessday
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