The German Federal Cartel Office has approved Porsche AG’s acquisition of a non-controlling stake in Varta AG, as well as the majority shareholding and sole control over Varta’s subsidiary, V4Drive Battery GmbH. This unit specializes in producing large-format lithium-ion cells for electric vehicles. While Porsche will gain majority ownership of V4Drive, Varta AG will maintain a minority share in the company.
Andreas Mundt, President of the Bundeskartellamt, clarified that the review focused solely on potential competition issues, which were ruled out. “Our merger control review was only concerned with whether the transaction would give rise to competition concerns. We can rule these out,” Mundt stated. He added that the feasibility of the project hinges on factors outside antitrust regulations.
Importantly, the arrangement does not grant Porsche any control over Varta AG itself, ensuring that the company retains autonomy over its strategic business decisions. The Michael Tojner Group will continue to hold a stake in Varta through a subsidiary.
Investigations confirmed that the transaction posed no competition concerns, as Porsche and Varta operate in separate market segments, and no major disruptions to the supply chain are anticipated. Porsche has already been Varta’s primary customer for automotive lithium-ion cells, and V4Drive is set to serve a broader client base beyond Porsche in the future.
This approval signals that the transaction meets regulatory criteria without affecting market competition.
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