BERLIN: Porsche AG agreed to become a shareholder in Varta AG, providing fresh cash to the embattled German battery maker as part of a debt-restructuring deal with lenders.
Under the plan, the maker of the electric-powered Taycan sportscar and current majority owner Michael Tojner are set to each hold around 32% of the company after participating in a 60mil (US$66mil) capital increase, according to a statement.
Already a subscriber? Log in
Get 20% OFF The Star Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
