BERLIN • Volkswagen, Europe’s biggest automaker, will likely complete its takeover of luxury car group Porsche this year after clearing key hurdles, according to a German media report Sunday.
News weekly Der Spiegel writes in its upcoming issue that VW, which owns 49.9% of Porsche, may buy the 50.1% stake in the manufacturer of the iconic 911 car for 3.9-billion euros ($5.1-billion) in 2012.
The report cites unnamed VW executives.
Porsche has built up massive debts as it looked to seal a tie-up with VW and Der Spiegel says two previous obstacles now look surmountable.
Volkswagen will avoid having to pay more than 1-billion euros in taxes for completing the deal before 2014 by creating a holding company to buy and maintain the stake in Porsche, according to the report.
VW would also meet Porsche’s demands for independence by signing a contract giving the sports car maker control over its investments and models, Der Spiegel says.
Porsche spectacularly tried to take over VW in 2008, but the attempt failed and the sports car maker was in turn saved by Volkswagen.
A VW spokesman declined to comment on the details of the report.
“But in principle, we aim to complete the transaction as quickly as possible,” he says.
