Porsche Automobil Holding SE has 2.61 billion-euro ($3.64 billion) available for possible acquisitions that are beyond its controlling stake VW Ag., the largest carmaker in Europe.
The German holding company with investments in the automotive industry, last year looked at more than 24 potential takeover targets – but at the end did not moved ahead with any agreement.
When asked by Reuters at what companies is referring, Porsche SE finance chief Hans-Dieter Poetsch denied to comment – but he did not ruled out that the holding is preparing for an acquisition this year.
However Bloomberg reports that the “main area of interest” includes material and safety technology, drivetrains and sustainability.
It’s “only a matter of time before the company announces a deal,”VW’s CEO Martin Winterkorn told journalists during a press conference in Stuttgart.
Net liquidity at Porsche SE rose 2 percent in 2013 to 2.61 billion euros from .56 billion euros a year earlier.
The Zuffenhausen-based group is owned 100% by the Porsche families, after in June 2013 Qatar Holdings sold its 10% holding back to the founding family. The company was fouded in 1931 by Ferdinand Porsche and at this moment it owns 50.73 percent of voting rights in Volkswagen AG – the largest carmaker in the Europe.
by Mircea Serafim
) - Thursday, March 20th, 2014 - filed under Industry
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