Volkswagen AG board to discuss Porsche deal on February 14 image

VW’s supervisory board will discuss plans to buy the remaining 50.1 percent stake in Porsche SE’s sports car business when an extraordinary meeting will take place on February 14.

According to a report from German magazine Der Spiegel quoted by Reuters, the German Finance Ministry already has a draft for the deal available. To acquire the rest of Porsche SE’s shares, VW will have to pay €3.9 billion ($5.1 billion) plus taxes.

However, the amount of tax money would be much lower than the anticipated €1 billion, with Der Spiegel claiming the carmaker will have to pay a „low three-digit million” amount in taxes. In total, the acquisition will cost VW a little over €8 billion.

Volkswagen already owns 49.9 percent of Porsche sports cars after it paid €3.9 billion in December 2009 as part of a deal that prevented the likely insolvency of debt-laden parent Porsche SE. VW didn’t comment on the report from Der Spiegel. „In principle we don’t say anything about the agenda of our institutes,” a spokesman said.

According to VW insiders, Porsche SE has an option to sell its 50.1 percent from November 15, while VW can exercise its call option between March and April of next year. Last week, VW said it was examining other possible methods apart from the put-call options in order to integrate Porsche as soon as possible.