Porsche mulls taking minority stake in Varta, FAZ reports
Adds details from report from paragraph 3
FRANKFURT, July 21 (Reuters) -Porsche is considering taking a minority stake in Varta to safeguard a potential investment in the troubled battery maker's large-format lithium-ion battery business disclosed earlier this month, Frankfurter Allgemeine Zeitung (FAZ) reported.
Varta VAR1.DE, which has a market value of 440 million euros ($479 million), declined to comment. Porsche P911_p.DE was not immediately available for comment.
Varta earlier this month said it was in talks with Porsche over a potential investment in its V4Drive business, which, under the plans, would be transferred to a subsidiary, with Porsche becoming a majority owner of the division.
FAZ on Sunday reported that in order to safeguard that plan, Porsche could also take a minority stake in V4Drive's parent, Varta AG.
In April, Varta said it may not meet targets set under its restructuring plan and was exploring recapitalisation options that should help it return to "profitable growth" by the end of 2026.
($1 = 0.9194 euros)
Reporting by Christoph Steitz and Alexander Huebner; Editing by Susan Fenton
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