Volkswagen Group Wants to Complete Acquisition of Porsche Before 2014

At the annual general meeting of Porsche SE in Stuttgart on Monday, the company’s CEO Martin Winterkorn told shareholders that the Volkswagen Group wants to buy the second half of the sports car maker before August 2014 when the acquisition would be free of tax, Reuters reported.

“It’s not in the interest of any of the parties to wait that long, neither the companies nor the tax authorities,” Winterkorn told the shareholders.

“All parties concerned would benefit from a swift combination of Volkswagen and Porsche. We want to complete the integrated automotive group at viable conditions as quickly as possible,” he added.

Volkswagen bought a 49.9 percent stake of Porsche for €3.9 billion at the end of 2009.

According to Winterkorn, the planned creation of an integrated automotive group offers Volkswagen and Porsche substantial advantages and allows for an even tighter integration of the operating business that will result in the strengthening of their competitive position in the market.

“Volkswagen and Porsche are already working together extremely well. Both companies are excellently positioned for a successful future together,” said Winterkorn.

The Porsche CEO pointed out that the sales figures of Porsche and Volkswagen were significantly above the previous year during the first half of 2012.

“Volkswagen and Porsche will sell more vehicles in 2012 than in the prior year. That trend is evident in the first half of the year that will close next week,” Winterkorn stated.

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