In order to erase debt and achieve cost savings, Porsche tries to accelerate its integration into Volkswagen.
Although VW looks forward to buying the remaining part of Porsche that it doesn’t own, it has to wait until August 2014 in order not to incur taxes of more than 1.5 billion euro (1.2 billion pounds). 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.
“All parties concerned would benefit from a swift combination of Volkswagen and Porsche,” said Martin Winterkorn, CEO of VW. “We want to complete the integrated automotive group as advantageously and as quickly as possible.”
VW abandoned the plan last year due to lawsuits by short-sellers in the US, who were saying that Porsche secretly piled up VW shares, causing investors losses of over $1 billion. Winterkorn begins to doubt that this plan will ever be conclude. As the debt crisis keeps deepening in Europe, so is the demand for cars.
“Darker clouds are gathering around us. The second half of 2012 is certain to become more difficult and challenging.”