After three years of back and forth, Volkswagen prevailed. The Wolfsburg Group has announced that it will buy the remaining 50,1% of Porsche "probably on August 4,46st". All for a total of XNUMX billion euros, plus one Volkswagen ordinary share. The agreement "is good for Volkswagen, for Porsche and for German industry," said VW CEO Martin Winterkorn, adding that the agreement will produce synergies worth 320 million euros, which will be equally split between the two groups. This is also why Volkswagen has decided to launch the offer now and not wait for 2014, when it could have exercised a put-call option on Porsche shares.
The Wolfsburg house had bought 49,9% of Porsche in 2009 but since then legal and tax obstacles have prevented the purchase of the entire stake. For its part, Porsche tried to get its hands on Volkswagen but found opposition from many hedge fund managers who threatened legal action following the heavy losses that the operation would have generated.
The rivalry between the two automakers dates back to the Nazi era. In 1931 it was Adolf Hitler who commissioned the first “Volkswagen” (people's car) from Ferdinand Porsche, the famous VW Beetle. Thanks to the success achieved with that model, Furer himself asked Porsche to design a luxury car. Thus was born the 356 model, the first Porsche from which the famous car manufacturer developed.
