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2 October 2008

Sayenko Kharenko secures merger clearance in Ukraine for Porsche to acquire Volkswagen

Sayenko Kharenko acted as a Ukrainian legal counsel to Porsche AG in a merger clearance in Ukraine to acquire Volkswagen. Among other jurisdictions in Europe and elsewhere, Porsche has recently received the green light from the Antimonopoly Committee of Ukraine (the "AMC") for the acquisition of Volkswagen, one of the largest automobile groups in the world. The transaction is the result of the long-lasting successful cooperation between the two world leading car manufacturers.

Traditionally, Porsche had a close relationship with Volkswagen Group and they jointly participated in many propitious business projects. Now, Porsche sees itself not merely as an investor in Volkswagen, but rather as a strategic and industrial partner. After examining the proposed transaction, the AMC has concluded that its implementation poses no threat to competition on any product market in Ukraine.

"Our competition team showed quality performance in representing the client before the AMC. We managed to sidestep many legal issues raised by the competition authorities in other jurisdictions and obtained the AMC approval for this complicated transaction within a short period of time. The approval received by Porsche from the competition authorities in Ukraine and other jurisdictions allows Porsche to accomplish its declared goal to increase the stake in Volkswagen to more than 50 per cent.", – says Vladimir Sayenko, partner at Sayenko Kharenko.

Porsche develops, manufactures, markets and sells premium class vehicles (premium sport utility vehicles, luxury sport cars, sport coupe/convertibles) under the brand Porsche. Volkswagen develops, manufactures, markets and sells passenger cars and light commercial vehicles.

The Volkswagen Group includes the vehicle brands Volkswagen, Audi, Scania, Seat, Skoda, Bentley, Lamborghini and Bugatti.

The Sayenko Kharenko team involved in the transaction included senior associate Dmitry Taranyk and associate Valentyna Hvozd, led by partner Vladimir Sayenko.

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