Clifford Chance (CC) and Freshfields Bruckhaus Deringer have advised Volkswagen and Porsche as the two European car icons took the first step in creating a combined company that could challenge Toyota's dominance in global auto sales. Under the terms of the new merger agreement, VW will initially spend $4.7bn (£2.9bn) to acquire a 42% stake in Porsche as the first step in a long-term combination that will be finalised by 2011. Volkswagen will issue new stock in 2010 to fund that purchase.
August 17, 2009 at 06:23 AM
1 minute read
The original version of this story was published on Legalweek
Clifford Chance (CC) and Freshfields Bruckhaus Deringer have advised Volkswagen and Porsche as the two European car icons took the first step in creating a combined company that could challenge Toyota’s dominance in global auto sales.
Under the terms of the new merger agreement, VW will initially spend $4.7bn (£2.9bn) to acquire a 42% stake in Porsche as the first step in a long-term combination that will be finalised by 2011. Volkswagen will issue new stock in 2010 to fund that purchase.
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