Volkswagen AG may this year complete the purchase of the 50.1 percent of Porsche SE’s automotive business that it does not already own for 3.9 billion euros, Bloomberg reported. VW will get around having to pay more than 1 billion euros in taxes if completing the purchase before 2014 by setting up a holding company to temporarily take control of the stake, the  report added.

Additionally, the necessary actions will be taken to ensure that Porsche will stay independent from the parent company, keeping the objections of the Porsche labor leaders at bay.

The companies had originally intended to merge together before Porsche attempted their own hostile takeover in 2009. After accumulating debts of more than €10 billion, the takeover was abandoned and the roles where reversed as Volkswagen came to their rescue.

Volkswagen already owns 49.9 percent of Porsche’s automotive unit.

Source: Bloomberg

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