Pursuits
VW to Buy Porsche Austrian Unit for EU3.3 Billion
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Porsche SE’s owners exercised the right to sell an Austrian automotive trading company to Volkswagen AG for 3.3 billion euros ($4.5 billion).
The founding Porsche and Piech families exercised a put option to sell Porsche Holding Salzburg to Europe’s largest carmaker, Wolfsburg, Germany-based VW said in a statement today. The deal, to be completed by Sept. 30, 2011, is part of an August 2009 transaction for Volkswagen to buy a controlling stake in the sportscar maker’s operating business.