Finally! After a long and drawn out process, the corporate restructuring that brings full control of Porsche’s automotive side under Volkswagen ’s control is approved and official. The deal sent 4.49 billion Euros and one voting share of VW stock from VW and Porsche SE to Porsche AG, the latter item being simply a concession to avoid paying a load of taxes and was left out of VW’s press release.
This officially gives Volkswagen AG 100 percent holdings in Porsche and effectively gives VW the ability to do whatever it wants with the famed sports car builder. We have already alluded to the possibility of VW overriding Porsche’s CEO and continuing on with the “Baby Boxster” project that gained notoriety lately. That possibility was given more solid ground with a statement released by VW CEO, Martin Winterkorn.
Winterkorn was quoted saying “The path is now finally clear for a bright future together. Even closer cooperation will enable us to significantly strengthen Volkswagen and Porsche, and further expand the group‘s product portfolio with fascinating new vehicles.”
You see, it is that last section about bringing new models that really drives home the possibility that VW may be about to force Porsche to build a lesser-priced version of the Boxster . We see that as making perfect business sense because if Porsche buyers can accept a sedan and a pair of SUVs, why can’t they accept a lower-priced Boxster?
Either way, congrats to both sides and we are glad to finally see this issue laid to rest.
Click past the jump to read the full press release.