Porsche may acquire stake in Varta and majority stake in e-mobility division "V4Drive"
The German Federal Cartel Office has approved the acquisition of a non-controlling interest in Varta AG by Porsche AG. The acquisition of the majority of shares in and sole control over V4Drive Battery GmbH by Porsche AG was also approved. V4Drive Battery GmbH is Varta's business unit for large-format lithium-ion cells for electric cars. Varta AG will remain a minority shareholder in this company.
Andreas Mundt, President of the Bundeskartellamt: "Our merger control review was only concerned with whether the transaction would give rise to competition concerns. We can rule these out. In principle, projects can be notified for merger control if they are sufficiently concrete. The actual feasibility of the solution now depends on issues outside of antitrust law."
In the course of the project, Porsche will not acquire any control over Varta, in particular no veto rights with regard to strategic business policy decisions. The Michael Tojner Group will remain a shareholder in Varta through a subsidiary.
According to the investigations in the merger control proceedings, the transaction does not give rise to any competition concerns. The VW Group - as the parent company of Porsche - and Varta operate in different markets. No significant competitive changes are to be expected with regard to the supply chain either, especially as Porsche was already Varta's main customer for lithium-ion battery cells in the automotive sector. V4Drive, in which Porsche intends to acquire a majority stake, is also expected to address customers outside of Porsche in the future.
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Note: This article has been translated using a computer system without human intervention. LUMITOS offers these automatic translations to present a wider range of current news. Since this article has been translated with automatic translation, it is possible that it contains errors in vocabulary, syntax or grammar. The original article in German can be found here.
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