1:51 am - Thursday December 13, 2018

Volkswagen Cleared to Buy Remaining Shares in Porsche

Volkswagen Cleared to Buy Remaining Shares in PorscheVolkswagen Cleared to Buy Remaining Shares in Porsche. German automotive giant, Volkswagen, poured funds of £ 5.4 billion to buy the remaining shares of Porsche.

The agreement came into force on 1 August. This after the VW Group finally agreed to terms with Porsche to buy half the company’s stock sports car.

Volkswagen spent $ 3.5 billion to buy 50.1 percent stake in Porsche and VW have to pay Porsche’s debts amounted to U.S. $ 1.9 billion.

VW Cleared to Buy Remaining Shares in Porsche“Acceleration of integration that allows us to implement a joint strategy to realize the Porsche business projects, so as to create growth opportunities in attractive market segments,” said CFO Hans Dieter Potsch.

There has been no definition of an attractive market segment, but there will be speculation about whether VW-Porsche project will revive the roadster and roadster-engined entry-level developed by Audi.

The announcement put an end to the conflict between two companies after Porsche for more than three years trying to quietly end the acquisition by the VW Group.

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