Porsche AG (ETR:P911) has joined a group of creditors putting together a rescue package for ailing battery maker Varta.
Under the deal, Varta's debt will be cut from €485 million to €200 million, the company said.
Porsche will join existing major shareholder Michael Tojner and become the joint new owner, with the pair jointly providing a capital injection of €60 million.
A further €60 million will come from the creditors as senior secured loans, with a third investor possibly to join later.
"We are in advanced discussions with other investors who would like to join us," Varta chief executive Michael Ostermann told Reuters.
Ostermann said there was no immediate threat of major job cuts.
"We want to grow, both with battery storage for photovoltaic systems and with button cells for Apple headphones. We are currently looking for staff there," he said.
Varta added it will keep all its manufacturing sites in Germany.
On Saturday, Porsche, which gets access to a range of high-performance batteries for its hybrid and electric sports cars from the arrangement, confirmed it would take a majority stake in Varta's V4Drive Battery division.
"With the planned majority takeover of V4Drive, we ... would make an important contribution to keeping key technologies in Germany," said Lutz Meschke, deputy chairman of the executive board at Porsche AG (ETR:P911).
"We will put Varta back on a profitable growth path," Ostermann said.
Varta will go private following the restructuring.