2023 Author: Eric Donovan | [email protected]. Last modified: 2023-08-25 09:36
VW is taking another step in integrating Porsche into the group. Around 3.3 billion euros will be reallocated.
According to a press report, Europe's largest car manufacturer Volkswagen (VW) will take over the Austrian Porsche Holding GmbH for a billion amount in the course of the week. The transaction, which has been firmly agreed, is expected to be completed on Tuesday, reports the "Frankfurter Allgemeine Zeitung" on Monday and cites people familiar with the matter. So far, the Salzburg-based company, which is the largest car dealer in Europe, and the sports car maker of the same name from Stuttgart belong to the VW owner families Piëch and Porsche.
Convinced of good development
"The transaction is a further step in the direction of the merger of Porsche and VW", quoted the paper analyst Arndt Ellinghorst from the Swiss bank Credit Suisse. For the two families, it is a question of a reallocation of assets - away from the auto trade in a participation in the VW group. This is indirectly linked to a positive statement about VW, as they are obviously firmly convinced of the good development of the group. In Germany, Porsche Holding GmbH, which runs the car trading business of the Piech and Porsche families from Salzburg, is largely unknown.
The purchase price for Porsche Holding GmbH is 3.3 billion euros, the report said. The money comes at exactly the right time: the two families needed around 2.5 billion euros to finance half of the capital increase planned for Porsche Holding SE in Stuttgart. With the proceeds from the new shares, the debt of Porsche Holding SE should be reduced to 1.5 billion euros. This is the legal requirement for the merger of Porsche with Volkswagen. Time is of the essence: the debt of 5 billion euros that Porsche had taken on for the purchase of VW shares will fall due in June and December. The banks have the 51 percent of VW shares that belong to Porsche as collateral. (dpa)
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