Supervisory Board lays foundation for integrated automotive group
The Volkswagen Board of Management will now begin talks with the newly-nominated representatives of Porsche to jointly draw up a final concept to achieve this goal. At the same time, a comprehensive auditing and assessment process will be initiated as the prerequisite for signing an agreement on the principlesrelating to the combination of the two companies.
The integrated automotive group will be formed from the progressive participation of Volkswagen in Porsche AG and the subsequent merger of Porsche Automobil Holding SE and Volkswagen AG. Porsche will remain an independent company headquartered in Stuttgart. In the opinion of all parties, this basic concept represents the best possible solution for pooling the strengths of both companies as envisaged.
The agreement on the principleswhich is now to be negotiated will specify the further procedure and the individual transaction steps. In this context, the Supervisory Board expressly welcomes the inclusion of Qatar among Volkswagen's shareholders as a strategic partner committed to supporting the goal of an integrated automotive group. The final concept for the envisaged union of Volkswagen and Porsche will preserve the Volkswagen Group's financial solidity and sustain its ability to act as well as ensuring Porsche's independence. Moreover, appropriate consideration will be given to the interests of all stakeholders when setting up the automotive group.
Volkswagen welcomes the intention of the Porsche and Piëch family shareholders to retain a close involvement in the further process and to remain the major active shareholder of Volkswagen going forward. The Supervisory Board of Porsche SE also approved the creation of the integrated automotive group at its meeting today, laying down important foundations to that end.
Prof. Dr. Martin Winterkorn, Chairman of the Board of Management of Volkswagen Aktiengesellschaft, commented: "The envisaged union of Volkswagen and Porsche follows a compelling industrial logic and offers promising perspectives: it makes two strong companies even stronger. Volkswagen and Porsche have excellent know-how at their disposal and can use their resources even more efficiently by combining them. For this reason, we expect additional growth opportunities, safeguarding existing jobs and creating new ones. At the same time, we can call on our considerable experience in the integration of proud and successful brands rich in tradition. Like Audi today, Porsche can also continue its independent development under the aegis of Volkswagen and preserve its own identity. We have great respect for the achievements of the Porsche workforce and are convinced that Porsche can enrich the Volkswagen Group - just as Volkswagen can vice versa enrich Porsche."
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