VW aims to seal Porsche purchase before 2014: CEO

Reuters News
Posted: Jun 25, 2012 4:12 AM
VW aims to seal Porsche purchase before 2014: CEO

STUTTGART, Germany (Reuters) - German auto manufacturer Volkswagen wants to buy the second half of Porsche's car-making business before August 2014 when the purchase would be free of tax, Martin Winterkorn, chief executive of the Porsche SE holding company and Volkswagen said on Monday.

"It's not in the interest of any of the parties to wait that long, neither the companies nor the tax authorities," Winterkorn said in remarks prepared for delivery at Porsche's annual shareholder meeting in Stuttgart.

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VW acquired 49.9 percent of Porsche AG for 3.9 billion euros ($4.9 billion) in December 2009 following a tug-of-war for control with the Stuttgart-based sports-car maker. ($1 = 0.7977 euros)

(Reporting by Andreas Cremer)