Porsche
$P911 (-0.73%) receives authorization to acquire a majority stake in Varta's
$VAR1 (+15.58%) subsidiary V4Drive Battery which produces lithium-ion cells for electric cars, including the Porsche 911 Carrera GTS.

The Federal Cartel Office has no competition concerns about this takeover, and Porsche will not take control of Varta but will remain a minority shareholder. Varta has been facing financial challenges for some time and is aiming to sell the existing shareholders out of the company, supported by the German Corporate Stabilization and Restructuring Act (StaRUG). -Handelsblatt

Photo: Stefan Puchner