Volkswagen and Porsche announced that they do not expect their merger to be accomplished within the period they originally established. In late 2009, VW acquired a 49.9% stake in Porsche for €3.9 billion ($5.3 billion) and initiated an integration plan that would be completed before the end of 2011.
However, discussions between VW’s Board of Management and Porsche Automobile Holding SE led both parties to the same conclusion due to legal hurdles that cannot be overcome until the end of the year.
Nevertheless, they both stated that they remain committed to the original plan of integrating Porsche into the arms of the VW Group, with the sports car maker retaining its independence as well as its Zuffenhausen headquarters.
VW announced that in the coming weeks its Board of Management will examine other courses of action in order to achieve the original goal, and present its findings to the Supervisory Board before the end of the year.
