Porsche takes over Volkswagen by acquiring majority stake

Posted on Monday, 3 March 2008 , 17:03:08 byEmil

Filed under porschevolkswagenmajoritypercentPorscheVolkswagen

Porsche takes over Volkswagen by acquiring majority stake

Porsche announced today it will increase its Volkswagen stake from 31 percent to over 50 percent, becoming the majority owner at Volkswagen. Wendelin Wiedeking, the Porsche CEO, said the goal isn’t to merge the firms, but instead to be creating `one of the strongest and most innovative automobile alliances in the world`.

Over these last few years, Porsche slowly has increased the stake at Volkswagen, and at the same time raised cooperation. The investment of another $15 billion from Porsche will bring its share up to over 50 percent, and dwarfing the 20 percent stake of the German state of Lower Saxony.

So, Porsche already has total approval from the supervisory board for make the move, this means that the only remaining hitch is the regulator approval. "The reviews by the regulatory authorities are expected to take several months. As soon as the requisite clearances have been obtained, Porsche SE can acquire the majority of the shares in Volkswagen" the affirmed in a statement.