Volkswagen Moving Ahead on Porsche Acquisition
Porschephiles have had a lot of reasons to brag. Having once produced the benchmark of the sports car marketplace, Porsche’s successes have become fewer and farther between in recent memory, finally culminating in their beloved 911 being manhandled by Nissan’s Playstation-inspired GTR. And soon serious Porsche fans will no longer be able to brag about their favourite marque’s unique status as the world’s only large-volume independent sports car manufacturer.
Having gone back and forth about a potential VW-Porsche merger for years, the automotive press has been abuzz about the Germanic drama unfolding between the brands. Initially, Porsche had taken steps towards purchasing the historic people’s car-maker before dissolving into near bankruptcy. Now, the tables have turned and its Volkswagen that is plotting to takeover Porsche with an initial purchase that was slated to total a whopping 42% of Porsche AG. Now upped to a full 49%, recent releases state that the buyout will happen sometime before the close of 2009.
Surprisingly, Volkswagen also stated that the reasoning behind the expedited buyout schedule and larger buyout percentage was linked to unexpected success in joint projects between VW and Porsche. Subsequently, Volkswagen expects to see a rise in Porsche shares after these projects come to light after the brand’s acquisition.
