FRANKFURT, June 9 Porsche SE has
found a way to sell the remaining 50.1 percent of its sports car
unit to Volkswagen without paying an estimated 1.5
billion euros ($1.9 billion) in tax, business weekly
WirtschaftsWoche reported on Saturday.
The magazine said tax authorities had concluded the deal was
legally a restructuring and not a disposal that would involve
That was because Porsche would receive a single voting share
in Volkswagen as part of the 4.5 billion euro transaction, it
Citing sources in the state finance ministry of
Baden-Wuerttemberg, the magazine said the tax office in
Stuttgart had given Porsche SE a legally binding notice,
promising it would not have to pay a cent to the state.
No one was immediately available for comment from the tax
office, and the finance ministry declined to discuss individual
cases on Saturday.
A spokesman for Porsche said it had not yet completed an
examination of the tax implications of the deal. Porsche SE is
headquartered in Stuttgart, the capital of Baden-Wuerttemberg
In the past, Porsche SE had said it would have to wait until
2014 to sell the remaining stake tax-free.
Volkswagen acquired 49.9 percent of Porsche sports cars for
3.9 billion euros in December 2009 as part of a deal that
prevented the likely insolvency of debt-laden parent Porsche SE.
A spokesman for Volkswagen said it was continuing to review
what options it had to integrate the two companies beyond the
outright purchase of the sports car business via put or call
($1 = 0.8021 euros)
(Reporting by Christiaan Hetzner; Editing by Andrew Heavens)