Volkswagen has announced this morning that it has acquired the remaining 50.1 per cent of Porsche AG, not already owned by Volkswagen and will now move to incorporate the sports car maker generating approximately €320 million of net synergies.

Professor Martin Winterkorn, CEO of Volkswagen Group described the deal as good for all parties, saying “The unique Porsche brand will now become an integral part of the Volkswagen Group. That is good for Volkswagen, good for Porsche and good for Germany as an industrial location. Combining their operating business will make Volkswagen and Porsche even stronger – both financially and strategically – going forward.

“We can now cooperate even more closely and jointly leverage new growth opportunities in the high-margin premium segment through targeted investments in pioneering products and technologies.”

The move takes effect as of August 1, 2012, two years earlier than would have been economically feasible under the put/call options provided for in the Comprehensive Agreement signed by both companies in August 2009.

Porsche SE will receive a sum totalling around €4.46 billion plus one ordinary share of Volkswagen, with the cash consideration being based on an equity value of €3.88 billion for the remaining (50.1%) shares of Porsche AG plus a number of adjustment items.

Once the transaction has closed, Volkswagen will hold 100 per cent of the shares of Porsche AG via an intermediate holding company.