Decision Summary - Porsche Automobil Holding SE

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

Background to the Investment:
Porsche Automobil Holdings SE (Porsche Automobil) is an international automobile group operating with more than 70 subsidiaries in Europe, North America, Australia and Southeast Asia. Porsche Automobil's business activities include the development, production and sale of premium sports vehicles, engineering services and financial services.

Outline of the Investment:
Porsche Automobil proposes to acquire further securities in Volkswagen AG. Volkswagen AG business activities include automobile manufacturing in Europe, America, Asia and Africa and financing. Porsche Automobil already holds 30.56 percent of the ordinary shares in Volkswagen AG. Volkswagen AG is the holder of 50 percent of the shares in Global Mobility Holding B.V., which indirectly owns all of the shares in a New Zealand subsidiary LeasePlan New Zealand Limited, a company specialising in car leasing and fleet management.

Rationale for the Investment:
Porsche Automobil has traditionally had a close relationship with Volkswagen AG and wishes to further deepen and broaden the existing relationship to create a strong and innovative alliance.