GDANSK (Reuters) – Struggling German battery maker Varta said luxury car maker Porsche AG would invest in its business unit for large-format lithium-ion cells through a majority stake in its automotive battery unit V4Drive. In order to implement the investment, a capital increase will be carried out at V4Drive Battery GmbH,” Varta said. The […]
GDANSK (Reuters) – Struggling German battery maker Varta said luxury car maker Porsche AG would invest in its business unit for large-format lithium-ion cells through a majority stake in its automotive battery unit V4Drive.
In order to implement the investment, a capital increase will be carried out at V4Drive Battery GmbH,” Varta said.
The deal is expected to close in the first quarter of next year pending regulatory approvals.
(Reporting by Andrey Sychev, editing by Kirsti Knolle)
