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
“One of my priorities, as Ambassador, is to further develop our bi-lateral economic ties,” said U.S. Ambassador to Armenia Richard Mills, Jr.
Azerbaijan’s aggression against Nagorno Karabakh failed to strike a blow to Armenia’s economy, the Minister of Economy said.
Total underground mineral resources comprised 4.3 million tons of ore, averaging 4.2 grams per ton for 0.6 mln ounces of gold equivalent.
For those with a monthly consumption of 10 thousand cubic meters or more, the current price of $276.98 would be reduced to $257.56.
Partner news