Volkswagen to buy rest of Porsche for $5.59bln

It took Volkswagen (VW) nearly three years to finally complete its chaotic takeover of Porsche sports car business.

Volkswagen AG on Wednesday acquired the remaining 50.1 per cent of Porsche's business for USD 5.59 billion in cash and one ordinary share.

Earlier in 2009, the company had bought 49.9 per cent stake in Porsche after the Stuttgart- based company had failed to acquire the required 75 per cent stake in VW. Post its failed attempt, Porsche accumulated large amounts of debt and was sued by investors who accused it of misleading them.

Later in a role reversal, Volkswagen agreed to buy Porsche and can now have the complete control over the Porches' brand ranging from Audi to Ducati.

The takeover agreement between the two auto majors is expected to be finalized by August 1, 2012.

Read more about: volkswagen, porsche
Story first published: Thursday, July 5, 2012, 13:31 [IST]
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