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Porsche – Volkswagen ‘reorganization’ finalized

Graham HeepsBy Graham HeepsJuly 11, 20122 Mins Read
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The on going talk and speculation over a potential merger between Porsche and Volkswagen took a step towards some clarity this month, with Volkswagen purchasing the remaining 50.1% of the holding company that owned 100% of Porsche AG.

What this means, is that Porsche SE still owns around 50.7% of Volkswagen through ‘ordinary shares’; whilst Porsche’s automotive business – Porsche AG – will be controlled solely by the Volkswagen conglomerate. Volkswagen states that the integration of the two companies will create net synergies of approximately €320m.

“The accelerated integration will allow us to start implementing a joint strategy for Porsche’s automotive business more quickly, to realize key joint projects more rapidly, and hence to leverage additional growth opportunities in attractive market segments,” said CFO Hans Dieter Pötsch. “It will also enable Volkswagen AG and Porsche AG to concentrate fully on their operating business by making day-to-day cooperation much simpler.”

The move will allow the extensive legalities and paper work associated with joint ventures to be eradicated, speeding up processes and simplifying future projects.

Volkswagen also stated that the reorganization of the companies will allow them both to move forward, financially and strategically. “This will benefit our customers, our employees and our shareholders” said Prof. Dr. Martin Winterkorn, chairman of the board of management, Volkswagen Aktiengesellschaft.

The move has not appeased everyone however. By transferring a single VW share to Porsche in return, the transaction is classed as a reorganization, meaning VW has avoided the potential €1bn tax bill that a takeover would have incurred.

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Graham Heeps

Graham Heeps is a regular contributor, and knows the dynamics industry well, having previously edited the title. Graham also writes regularly on automotive and motorsport subjects for other magazines from Vehicle Dynamics International’s publisher, UKi Media & Events (as well as editing Tire Technology International), and contributes to a range of online and print publications in the UK, USA and Canada.

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