Porsche and Volkswagen to Merge Next Year
Late in 2009, Volkswagen AG announced a merger with Porsche AG, in which it would take a 49.9-percent stake in the company. They also announced that the second half of the merger would take place by sometime in 2011, but as the summer wound down, Volkswagen announced that, though the plans would go forward, it has become unclear when they will be able to complete the merger.
Both companies are still committed to completing the merger, it's just unclear when it will happen. After some discussions with Porsche AG, it became clear to the board at VW that the time frame laid out in the original Comprehensive Agreement was too tight. That said, the company is taking some extra time and care in completing matters on their end.
Porsche remains optimistic on the outcome of this matter. At the Frankfurt Motor Show, Matthias Muller, CEO, Porsche, explained that Volkswagen is expected to push ahead with plans to aquire the remaining 51-percent of Porsche, sometime next year. And, with that, Volkswagen is expected to present the next step in the merger to their Board of Management by the end of next year.
With many developments on this issue forthcoming, Bert Smith Porsche, located at 3800 34th Street North St. Petersburg, FL 33714, promises to keep you up to date on the latest news and press releases from Porsche. In the meantime, if you have any questions about this or any other Porsche related news story, feel free to give us a call at (866) 869-7677, or contact us via our website.