It's official: Volkswagen owns Porsche
TorqueNews reported in early July that Volkswagen AG had announced their intentions to buy the remaining 50.1% of Porsche AG that Volkswagen didn’t already hold, which would allow Porsche to join into the matrix that helps make VW the world’s largest automaker. The agreement was set to be completed on August 1st 2012 and the financial end of things went through as planned so Porsche is now officially a part of the Volkswagen automotive group.
As expected, Volkswagen paid 4.49 billion Euros ($5.45 billion US Dollars at current conversion rates) which includes 3.88 billion Euros ($4.71 billion US Dollars) for the estimated value of those Porsche AG shares along with an additional 600 million Euros ($741 million US Dollars) to cover various costs and benefits as a result of the quick sale. The company figures that not only does the quick transaction allow the company to save money in a variety of ways but it will also allow the VW and Porsche brands to begin collaborating more heavily right away.
"The path is now finally clear for a bright future together. Even closer cooperation will enable us to significantly strengthen Volkswagen and Porsche, and further expand the Group's product portfolio with fascinating new vehicles", said Prof. Dr. Martin Winterkorn, Chairman of Volkswagen Aktiengesellschaft's Board of Management, in Wolfsburg on Wednesday. "The unique Porsche brand will continue to develop successfully under Volkswagen's multibrand strategy and proven decentralized management structure. Porsche will retain its own identity and operational independence, just like all of the other Group brands.”