Porsche co-founded the company with the comprehensive process of Automotive Group, Volkswagen Group, Porsche’s first step will be to obtain 49.9% of the shares, the share is higher than the 42% announced in August, which is the Volkswagen Group and Paul Porsche car company in the merger talks the latest agreements reached. It is reported that the timetable for the establishment of an integrated automotive group remained unchanged: the Volkswagen Group will be the end of 2009 through the acquisition of business in Porsche, Volkswagen and Porsche merger is still scheduled for completion in 2011.
Since the comprehensive agreement has been approved, Volkswagen and Porsche have been negotiating the details of the merger, the initial equity share of the adjustment reflects these negotiations progress. Negotiations that the parties selected for closer cooperation in a number of projects to achieve faster progress than expected. This positive trend has once again shown that the two companies merged, reflecting the industry trend, has a compelling rational. Today, Porsche’s Volkswagen shares in the share increase, more prominent this good momentum.
By doing so, had early in the Volkswagen Group to ensure that the joint project to enhance the value of Porsche brings more benefits. Meanwhile, the Volkswagen Group is still committed to a phased manner to achieve the integration of two companies, while protecting Porsche’s independence and interests.
According to Porsche the calculated enterprise value, the Volkswagen Group is expected to cost about 3.9 billion shares of Porsche. To support equity and refinance and keep the Volkswagen Group’s credit rating good, Volkswagen plans to increase during the first half of 2010 preferred stock capital. Will ask shareholders on December 3 at a special shareholders meeting to approve the capital increase resolution.
According to reports, the combined product lines of both companies are highly complementary, synergistic effect is remarkable. Volkswagen will join the Porsche’s position in the high-end market has been greatly improved. Weissach (Weissach) R & D center will join the Volkswagen Group’s leadership in innovation has been further consolidated. In addition, the holding company’s footprint across the Porsche 13 Eastern European countries and five Western European countries and China, it’s strength in retail has become a market success in the Volkswagen Group an indispensable partner.
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