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Volkswagen to Purchase Remaining Porsche Stake for $5.6 Billion
By Nicholas Comfort - Jul 4, 2012 4:29 PM ET
Volkswagen AG (VOW) agreed to buy the 50.1 percent stake in the Porsche SE automotive business that it doesn’t already own for 4.46 billion euros ($5.6 billion).
The merger plan allows for a combination of the automotive businesses in August, two years earlier than would have been “economically feasible” under a put-and-call option provided for in a deal reached in 2009, Volkswagen said today in an e- mailed statement.
The original plan to merge VW and Porsche SE holding company was called off in September because of legal tangles. Since then, the companies have been considering alternatives, including buying the rest of Porsche’s automaking operations to fold into VW.