Porsche to acquire majority stake in Varta's battery manufacturing unit

Porsche AG of Germany announced that it intends to acquire the majority of shares of a subsidiary of German VARTA that manufactures automotive power batteries, becoming the new shareholder of the battery manufacturer that is in financial crisis after its debt restructuring. Porsche plans to invest 30 million euros, including acquiring the majority of shares of V4Drive Battery Company, a subsidiary of VARTA, by increasing capital.