Volkswagen: buy porsche is preferred

The early purchase of the remaining shares in Porsche AG marked a turnturn in Europe’s large car concerts for the Volkswagen tip. "Now the way is free for a common future," said Chief Board Martin Winterkorn on Thursday in the Wolfsburg Volkswagen headquarters. At the now surprisingly fast merger probably already to 1. August comes violently criticism from politics, because the companies utilized a loophole in tax law. Otherwise, they had estimated after about 1.5 billion euros taxes for the business must have.

According to Volkswagen, the state is not the rough loser at the suppure. "There are taxes of significantly over 100 million euros. These taxes are transactional, "explained Financial Chef Hans Dieter Potsch. In addition, the two carmans could lift cost advantages together and make more profit. Representations, after which the chosen construction specifically exploits a control loophole, he decidedly back: "The coloted numbers of lost tax payments unpacked in a billion low but every foundation."The core of the deal is that VW identifies the principally taxable purchase of the still outstanding second half of Porsche AG as one – exex legal restructuring. That is tax-free.

The company had announced on Wednesday evening, the monthly performance to finish the further approach to Porsche by taking over 50.1 percent of the Stuttgart’s operational sports car business. 49.9 percent are already the Wolfsburgers already. Probably already to the 1. August 2012 VW wants to acquire the missing shares. The car maker pays around 4.46 billion euros. After the failed merger, Volkswagen was first considered to bring Porsche over options in the coming years.

From the view of Winterkorn, the stress awaited Deal a central date for the entire automotive industry: "Volkswagen and Porsche belong together. So we can significantly increase our economic and technological performance again."Porsche boss Matthias Muller wants to print the expenses with the billions, but also promote the construction of new businesses:" We want to make strategic investments, "Muller said. The aim is an integrated group in which joint projects in development and distribution are deported and to save up to € 700 million per year in the long term at costs. "The previous legal separation of VW and Porsche has prevented the synergy potential completely to say completely," explained Muller.

With an art handle, however, Volkswagen wants to consider the high tax payments released. A special scheme allows the Wolfsburgers to define Porsche’s business as a restructuring in the Group instead of as a normal purchase of external shares – if a VW common share is postponed to Stuttgart. From politics came to this violent criticism, especially from the Porsche Stammland Baden-Wurttemberg and the FDP. FDP Bundestag Faction Chief Rainer Bruderle said the Handelsblatt (Friday) when world corporations were able to save billions of taxes with such tax tricks, every taxpayer must feel faulted. "Of so much trend of the financial marks, many craftsmen can only dream."Bruderle but raumte one:" All this may be legal, but it shows how much we a simpler and fairer tax laws need."

Potsch said to the now actually incurred much lower tax burden: the mentioned more than 100 million euro did not result from an estimate of state revenues that could draw lots is a stronger Autogeschaft thanks to the earlier Porsche incorporation. They related rather directly to the acquisition of shares – for example through the payment of real estate transfer tax. In the case of wait and see until mid-2014 would be about Volkswagen this is not escaped completely tax-free, said Potsch. The sum would have been then but not "appreciably". Winterkorn declared, the Porsche purchase was "good for Volkswagen, for Porsche and for the industrial location Germany". He secure jobs at VW’s headquarters in Wolfsburg will not geruttelt. Porsche should remain domestically as a brand. The operating rate of Volkswagen and Porsche and Lower Saxony’s Minister Prosident David McAllister (CDU) spoke of a milestone in development.

With all the sharply, Volkswagen responded to the criticism of FDP Group Chief Rainer Bruderle at the exploitation of control loopers at the Porsche Deal. "We do not have the slightest reason for the exercises of Mr Rainer Bruderle in connection with allegedly lost tax payments in the creation of the integrated automotive group", corporate speaker Stephan Gruhsem emported. The statements of the FDP politician are wrong and unearthable every foundation. "Now talking about tax tricks and leniency of the financial markets is populism in pure culture," said Gruhsem. Through the accelerated integration Porsches in the Wolfsburg car concerts, taxes fell in more than 100 million euros. Goods of the sports car manufacturers, how originally planned, had been integrated in 2014, on the other hand, barely significant tax payments were incurred, explained gross as previously Volkswagen Finanzkoss Hans Dieter Poch.

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