Volkswagen on track to finalize Porsche takeover

Volkswagen on track to finalize Porsche  takeover

PanARMENIAN.Net - German carmaker Volkswagen says it is on track to finalize the full takeover of sports car manufacturer Porsche by the end of the month, the Associated Press reported.

Volkswagen AG said in a statement late Wednesday, July 4, Porsche AG will become another fully integrated brand of the Volkswagen group as of August 1.

The Wolfsburg-based group, Europe's biggest carmaker, includes brands such as Audi, Volkswagen, Seat, Bugatti, Bentley and truck makers MAN and Scania.

The deal is also set to restructure the companies' complicated ownership ties.

Volkswagen says the missing 50.1 percent in Porsche AG's capital will be bought from holding company Porsche SE for €4.46 billion ($5.61 billion) plus one Volkswagen share. Porsche SE, in turn, currently holds a sizeable stake in Volkswagen and several executives and major shareholders are active in both firms.

 Top stories
“A 10% credit portfolio upsurge was registered in the first 7 months of 2014, with the bank planning to bring the figure to $550M,” Sahakyan said.
The revised figures are based on the forecast for the Russian economy to contract by 1.0% in 2014, followed by stagnation in 2015.
“The key powers in the region are unlikely to favor an outbreak of conflict on their southern and eastern flanks,” the report says.
The Commission aims to compensate producers who decide to not harvest some of their goods or give products away for free.
Partner news