Volkswagen Porsche Merger: VW To Seal Porsche Purchase

STUTTGART:  German auto manufacturer Volkswagen (VOWG_p.DE) wants to buy the second half of Porsche’s (PSHG_p.DE) car-making business before August 2014 when the purchase would be free of tax, Martin Winterkorn, chief executive of the Porsche SE holding company and Volkswagen said on Monday.

“It’s not in the interest of any of the parties to wait that long, neither the companies nor the tax authorities,” Winterkorn said in remarks prepared for delivery at Porsche’s annual shareholder meeting in Stuttgart.
VW acquired 49.9 per cent of Porsche AG for ¤3.9bn ($4.9bn) in December 2009 following a tug-of-war for control with the Stuttgart-based sports-car maker.