Porsche raises its stake in Volkswagen
September 16th, 2008 Leave a comment Visited 53 times, 2 so far today
Porsche raises its stake in Volkswagen
Sports car manufacturer Porsche has announced that they have now raised their stake in the German automotive giant Volkswagen.
This increased stake in VW now gives them effective control over the Europe’s largest automaker.
Porsche now has 35.14 percent stake in the company.
With this, Volkswagen has basically now become a subsidiary of Porsche Automobil Holding SE.
Porsche said in a statement: “This step ensures that Porsche has a lasting majority at the VW annual general meeting. Our goal continues to be to increase our stake in Volkswagen to more than 50 percent. Today’s step is a further milestone along this road.”
The company is also now likely to make a formal offer for Volkswagen’s Audi luxury car subsidiary.
Audi, Automobiles, Cars, europe, Germany, Porsche, Porsche Automobil Holding, Volkswagen
Somanshu
Category: Automobiles
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