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Friday, 9 September 2011

Due to legal hurdles Porsche merger delayed beyond 2011 says VW

Volkswagen_porsche
FRANKFURT (Reuters) -- Volkswagen AG announced that it would delay a merger with Porsche Automobil Holding SE beyond 2011 because of unresolved legal issues and examine other ways of creating an integrated auto group.

Porsche and Volkswagen in 2009 agreed to seal a merger agreement by the end of the current year, but in February reported delays due to the merger proceedings against investor and a criminal investigation into the former CEO of Porsche and its leader Finance

Volkswagen said in a statement on Thursday, that following discussions with Porsche it "reached the conclusion that the planned merger with Porsche SE cannot be implemented within the time frame provided for in the comprehensive agreement."

In another statement, Porsche said both companies could not agree on the valuation of Porsche SE required for calculating the exchange ratio. Vcommindia News

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