The creation of the Integrated Automotive Group between Volkswagen and Porsche was finalized on August 1 as planned.
“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 AG, in Wolfsburg today.
Under the structure developed jointly by Volkswagen AG and Porsche Automobil Holding SE (Porsche SE), Porsche SE contributed its indirect 50.1% holding in Porsche AG to Volkswagen AG effective August 1, 2012. Volkswagen now holds 100% of the shares of Porsche AG via an intermediate holding company. The cash and share consideration of about $5.5 billion is based on the equity value of $4.8 billion for the remaining shares of Porsche AG set out in the Comprehensive Agreement of 2009, plus a number of adjustment items.
The accelerated integration of Porsche AG into the Volkswagen Group allows the implementation of the joint strategy more quickly.
“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”, said Winterkorn.