Volkswagen Aktiengesellschaft will take a 49.9% in Porsche AG in a first step towards a takeover of Porsche the company said today.
This is a larger stake than originally announced back in August, which proposed a 42% share for the Wolfsburg based maker after a highly leverage and hostile takeover bid by Porsche collapsed from Porsche’s inability to service a €10 billion debt incurred during the takeover.
Porsche owns 53% of VW and has voting rights. VW will pay €3.9 billion ($5.8 billion) for Porsche, up from €3.3 billion in August.
In VW’s latest statement, Europe’s largest automaker said the timetable for the contentious acquisition remains unchanged: Volkswagen will acquire a participation in the operating business of Porsche by the end of 2009. The merger of Volkswagen AG and Porsche SE is still scheduled to take place during the course of 2011.