Clifford Chance advises Volkswagen Aktiengesellschaft on the creation of the Integrated Automotive Group with Porsche Automobil Holding SE (Porsche SE) by contribution of the automotive business of Porsche SE to Volkswagen AG, with expected effect as from 1 August 2012. Volkswagen AG already holds an indirect stake of 49.9% in Dr. Ing. h.c. F. Porsche AG (Porsche AG). Once the transaction has been closed, Volkswagen will hold, through an intermediate holding company, all shares in Porsche AG. Porsche SE will receive a consideration of EUR 4.46 billion plus one ordinary share of Volkswagen AG.
Clifford Chance also advised Volkswagen on the first step of the transaction (the acquisition of the 49.9% stake in Porsche AG) as well as on the preparation of the initially envisaged merger of Volkswagen AG and Porsche SE which was aborted in autumn 2011.
The Clifford Chance team was jointly led by partners Dr. Wolfgang Richter, global relationship partner for Volkswagen, and Johannes Perlitt (both Corporate, Frankfurt) and comprised counsel Jörg Rhiel, partner Dr. Frank Scholderer, senior associates Oliver Polster, Melissa Bach, Anja Döring and associates Annette Petow and Dr. Alexander Täumer (all Corporate, Frankfurt), partner Dr. Stefan Simon and senior associate Susanne Julis (both Employment law, Frankfurt), partner Dr. Joachim Schütze with senior associates Nadia Esken, Ruth Jorias (all Antitrust, Düsseldorf) and associate Tatjana Lemmens (Antitrust, Frankfurt), partner Dr. Thorsten Vormann and counsel Dr. Anette Gärtner (both IP, Frankfurt), partner Burkhard Schneider and senior associate Heiko Heppner (both Litigation, Frankfurt), partners Dr. George Hacket, Markus Pfüller and Peter Scherer as well as counsels David Detweiler, Barbora Moring and Philipp von Ploetz with senior associates Felix Biedermann, Ilka Breuer, Justus Keiluweit and Dr. Kai Krieger (all Banking & Capital Markets, Frankfurt) as well as transaction lawyer Carina Soesanto (Corporate, Frankfurt).
