Porsche AG acquires 50% stake in VARTA AG

On November 14, the State Administration for Market Regulation announced the acquisition of Varta AG by Porsche AG, with a public announcement period from November 14, 2024 to November 23, 2024. On September 21, Porsche, MTC and Varta signed a transaction agreement, and Porsche will acquire 50% of Varta's equity in cash. Varta mainly supplies micro batteries, household batteries, large batteries and the development, production, sales and research and development of energy storage systems. Before this transaction, MTC held 50.12% of Varta's equity and actually controlled Varta. After this transaction, Porsche will acquire 50% of Varta's equity, and Porsche and MTC will jointly control Varta.