Cartel office approves deal between Porsche and VfB
Porsche's acquisition of a stake in Bundesliga soccer club VfB Stuttgart has moved another step closer. The Federal Cartel Office approved the deal on Tuesday, as can be seen from the list of ongoing merger control proceedings. The "Kicker" newspaper first reported on this on Friday.
According to a media report, the sports car manufacturer and the Swabian Bundesliga soccer club signed the contract to acquire shares in VfB AG in mid-October. Porsche is to purchase 5.2 percent worth 20 million euros this year. The same amount is then to be paid again in 2024 to increase the package to 10.4 percent. Anchor investor Mercedes paid 41.5 million euros for 11.75 percent in 2017.
However, the investment by Porsche, whose subsidiary MHP acquired the naming rights to the Stuttgart stadium as part of the so-called "global brand alliance", is not yet complete. The German Football League (DFL) still has to review the deal before it can be finalized.
The approval by the Federal Cartel Office allows Porsche to further its involvement in Bundesliga soccer, specifically with VfB Stuttgart, as they plan to purchase an additional 5.2% share this year. Despite the positive developments, the German Football League (DFL) still needs to review the deal before it's finalized.
Source: www.dpa.com
