By Alexander Hübner
MUNICH (Reuters) -German battery maker Varta on Sunday stated it’s discussing two restructuring eventualities that might doubtlessly result in luxurious sportscar maker Porsche taking a stake in it.
Varta stated in a press release that the 2 eventualities included one with potential new buyers, amongst them present Austrian majority shareholder Michael Tojner and Porsche, in addition to one with monetary collectors.
Varta stated it had determined to inform the related courts of an overhaul in accordance with Germany’s company stabilization and restructuring act, including that with out such an overhaul the agency must incur losses that may eat its share capital.
Varta, which has a market worth of 440 million euros ($479 million), stated earlier this month it was in talks with Porsche over a possible funding by the carmaker in its V4Drive enterprise, which, underneath the plans, can be transferred to a subsidiary.
Below the earlier plans, Porsche would change into a majority proprietor of the division. Sunday’s disclosure, in the meantime, might see Porsche take a direct stake in Varta itself.
Porsche stated it might verify that it was in negotiations with a view to accumulate a majority stake in V4Drive through a doable capital enhance.
“The prerequisite for it is a sound monetary foundation for Varta AG. Below sure circumstances, we might subsequently think about collaborating in a monetary restructuring of Varta AG as a complete. Discussions on this are nonetheless ongoing,” Porsche stated in a press release.
Varta stated in April it may not meet targets set underneath its restructuring plan and was exploring recapitalisation choices that ought to assist it return to “worthwhile development” by the top of 2026.
($1 = 0.9194 euros)
