Volkswagen buys the remaining 50.1% of Porsche

An amount of 4,460 million euros (around 5,600 million dollars) is the price Volkswagen will pay to take control of the 50.1% of the shares of Porsche SE that it did not yet own. In this way, the Stuttgart brand will become a 100% part of a group that, day by day, is getting bigger and more powerful in the automotive world.

This agreement will become official starting August 1, through which VW and Porsche SE will create the Integrated Automotive Group. In addition to the payment of 4,460 million, Porsche will receive one ordinary share of VAG. In this way, Porsche will be able to pay off at once the loans with the banks, which amount to up to 2,000 million euros. The rest, well, let’s say they will use it to invest…

This closes the tug-of-war that Porsche and Volkswagen had since 2008 over one’s purchase of the other. Finally, Volkswagen bought 49.9% of the shares for 3.9 million euros and now, as we told you, has bought the rest.

Thus, the Volkswagen Group now counts, in addition to Volkswagen itself, Audi, Bentley, Bugatti, Lamborghini, Seat, Skoda, Scania, Man, Giugiaro Italdesign, Ducati, the 19.9% of Suzuki and Porsche.

Source | Autoblog.it