Volkswagen took the second step in its multi-stage integration with Porsche SE , acquiring on Monday a 49.9% stake in its sports car business for€3.9 billion($5.8 billion).
The deal means that Porsche SE will deconsolidate Porsche AG from its accounts, which will help offset a heavy book loss from the deconsolidation of 50.1% stake owned in Volkswagen.
"The acquisition of the (car) retail business of Porsche Holding Salzburg is planned for 2011. In the course of 2011 an integrated automotive group will be completed through the merger of Volkswagen with Porsche SE," Volkswagen said in a statement on Monday.
Volkswagen reaffirmed the integration would lead to annual synergies of about € 700 million.
Porsche SE racked up billions of euros in debt in an attempt to acquire 75% control of Volkswagen's votes, leading to the dismissal of Porsche's two top managers and a reverse takeover that prevented a looming collapse of the company.
Last week, Volkswagen implemented the first step in its transaction after shareholders authorised management to issue by December 2014 up to 135 million new preferred shares to fund the transaction.
Volkswagen valued Porsche AG and Porsche Holding, Europe's largest car dealership group, at a combined total of €16 billion in equity and debt.
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