Filed under: Performance, Porsche, Volkswagen, Earnings/Financials, Luxury
If you weren't paying close attention, you probably missed the climax of the Volkswagen and Porsche union. After three years of trying to plan the perfect wedding - and by "perfect" we mean one in which VW didn't have to pay $1.9 billion in tax on the transaction - and two years in which Porsche inadvertently played Bridezilla, the consummation has resulted in matter-of-fact announcements and a jargon-filled press release from VW.
So now that Porsche belongs 100-percent to VW, what does it mean? For the moment, not much that outsiders will be able to see. The eagerness to tie the knot has been about unlocking the cost savings of the unified firm, said to be €700 million ($856M U.S.), and clearing out Porsche's debt burden of something like €2.5 billion ($3.1B U.S.). The two companies already work together on models like the Panamera and Macan, and have a platform-sharing future already mapped. Filing the final paperwork means they can continue their collaboration even more closely and without regulators peering over shoulders.
Comprehensive integration will, naturally, be ongoing, but from now on, it's "'Til death do us part" or whatever that is in German. Have a read of the presser below for some number-heavy details.
Continue reading Porsche, VW finally say "I Do"
Porsche, VW finally say "I Do" originally appeared on Autoblog on Wed, 01 Aug 2012 17:29:00 EST. Please see our terms for use of feeds.
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