Europe’s largest carmaker Volkswagen Ag wants to buy the second half of Porsche’s business before August 2014 when the purchase would be free of tax, CEO Martin Winterkorn said on Monday.
Porsche can sell the stake tax-free to Volkswagen in August 2014 by exercising a call option, but Winterkorn noted waiting that long “doesn’t help anyone involved”.
The sale of the Porsche car business, which also makes the Cayenne sport-utility vehicle and Panamera four-door coupe, is part of a 2009 agreement to integrate the companies. The original plan to merge VW and Porsche SE was called off in September because of legal tangles.
VW acquired 49.9 percent of Porsche AG for 3.9 billion euros ($4.9 billion) in December 2009 following a tug-of-war for control with the Stuttgart-based sports-car maker.
Both car makers have since been exploring ways to fold the remainder of Porsche’s automotive business into VW .
Porsche expects full-year car sales to increase compared with 2011 despite swirling economic concerns in Europe and it sticks to its long-term target of boosting annual sales volume to 200,000 vehicles. In 2011, Porsche sold around 118,000 vehicles.