Germany’s Federal Cartel Office has cleared Porsche’s acquisition of a stake in battery manufacturer Varta, citing no competition concerns with the planned investment.
The decision allows Porsche to move forward with acquiring a non-controlling interest in Varta AG and a majority stake in Varta’s subsidiary V4Drive Battery GmbH, the company’s large-format lithium-ion cell unit.
The acquisition, announced on October 9, permits Porsche to assume sole control of V4Drive, with Varta AG retaining a minority interest in the unit. This partnership is part of a broader reorganization aimed at supporting Varta amid financial challenges.
Porsche and Austrian shareholder Michael Tojner have each committed €30 million toward Varta’s main company as part of a restructuring package that also includes debt relief.
“Our review focused solely on whether this acquisition poses any competition issues, and we found none,” stated Andreas Mundt, President of the Federal Cartel Office. Mundt confirmed that Porsche’s role in Varta AG will not extend to strategic business decisions, and VW Group, Porsche’s parent, operates in a different market segment. V4Drive is expected to continue serving automotive customers beyond Porsche.
Source: bundeskartellamt.de
