By Alexander Hübner
MUNICH (Reuters) -German battery maker Varta on Sunday stated it’s discussing two restructuring eventualities that would 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 current 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 might 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, below the plans, could be transferred to a subsidiary.
Beneath the earlier plans, Porsche would turn into a majority proprietor of the division. Sunday’s disclosure, in the meantime, may see Porsche take a direct stake in Varta itself.
Porsche stated it may affirm that it was in negotiations with a view to amass a majority stake in V4Drive by way of a attainable capital enhance.
“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 stated in a press release.
Varta stated in April it won’t meet targets set below its restructuring plan and was exploring recapitalisation choices that ought to assist it return to “profitable growth” by the tip of 2026.
($1 = 0.9194 euros)
