On October 9, Porsche announced its intention to invest in V4Drive Battery GmbH. The Cartel Office has now authorized both the acquisition of a non-controlling interest in Varta AG by Porsche and the majority stake in V4Drive Battery GmbH. Despite Porsche’s investment, Varta AG will remain a minority shareholder alongside the sports car manufacturer.
This development provides a sustainable solution for Varta, which has been facing financial challenges. In October, the company secured a bridge loan and agreed on a reorganization plan with lenders, promissory note creditors, major Austrian shareholder Michael Tojner, and Porsche. As part of the agreement, Porsche and Tojner will each invest €30 million into the main company, which will also undergo debt relief measures.
“Our merger control review was only concerned with whether the project raises competition concerns. We can rule these out,” said Andreas Mundt, President of the German Federal Cartel Office. “The actual feasibility of the solution now depends on issues outside of antitrust law.” Mundt emphasized that Porsche will not gain control over Varta, particularly lacking veto rights on strategic business decisions. The Michael Tojner Group will continue as a shareholder in Varta through a subsidiary.
The Cartel Office also noted that since the Volkswagen Group—Porsche’s parent company—and Varta operate in different markets, no significant competitive changes are expected in the supply chain. “Especially as Porsche has already been Varta’s main customer for lithium-ion battery cells in the automotive sector,” the authority stated. V4Drive Battery GmbH is also expected to serve customers beyond Porsche in the future.
Source: Bundeskartellamt.de (in German), Electrive
