Porsche SE is pushing for rapid integration of the German sports car maker into Volkswagen to pave the way for cost savings and to erase debt.
Porsche SE, which owns 50.7 percent of Europe’s largest carmaker Volkswagen and 50.1 percent of Porsche AG, noted that the planned creation of an integrated automotive group offered substantial advantages for Volkswagen and Porsche.
Martin Winterkorn, Chief Executive Officer of Porsche Automobil Holding said, “We want to complete the integrated automotive group at economically viable conditions and as quickly as possible.” Winterkorn is also Volkswagen’s CEO.
VW, Europe’s largest car maker, is keen to buy the remaining half of sportscar maker Porsche that it does not already own, but it can only do so without incurring taxes of as much as 1.5 billion euros if it waits until August 2014.
But 2014 is too far …
“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.
With the spare cash Porsche plans to invest in new business fields, including renewable energy and auto materials. Recently VW acquired an 8.2% stake in SGL Carbon SE to secure access to carbon fibre, which reduces vehicle weight and therefore decreases fuel costs.
The plan to merge VW and Porsche was set since 2009, but in September 2011, the plan was delayed due to legal tangles. In December 2009 VW bought 49.9% of Porsche for 3.9 billion euro, trying since then to find ways for the merge to be complete.