Porsche could take stake in battery maker Varta as part of major overhaul
MUNICH -German battery maker Varta on Sunday said it is discussing two restructuring scenarios that could potentially lead to luxury sportscar maker Porsche taking a stake in it.
Varta said it had decided to notify the relevant courts of an overhaul in accordance with Germany's corporate stabilization and restructuring act, adding that without such an overhaul the firm would have to incur losses that would consume its share capital. Under the previous plans, Porsche would become a majority owner of the division. Sunday's disclosure, meanwhile, could see Porsche take a direct stake in Varta itself.
"The prerequisite for this is a sound financial basis for Varta AG. Under certain circumstances, we could therefore imagine participating in a financial restructuring of Varta AG as a whole. Discussions on this are still ongoing," Porsche said in a statement.
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