Porsche has raised its stake yet again in Volkswagen, going from a bit above 30% ownership in the German giant to a solid 35.14%. The purchase apparently gives Porsche, or rather the company that owns Porsche – Porsche Automobil Holding SE – control over VW. It released a statement today that said, "as a result of this acquisition, Volkswagen... has become a subsidiary of Porsche Automobil Holding SE." Pursuant to German securities law, Porsche also made an offer to purchase Audi at the bare minimum stock price of 487 euros per share. Though Porsche says there are no plans to separate Audi from VW, it's unlikely VW will accept the offer anyway. All of this is but a single step on Porsche's long path to securing more than 50% ownership in VW. In the meantime, VW representatives will now have a seat on Porsche Automobil Holding's employee council and supervisory board. The power struggle between these two companies will undoubtedly continue, with Porsche Chairman Wolfgang Porsche leading the charge for his company while his cousin, Ferdinand Piech, holds court for Volkswagen and the powerful labor unions that are trying to stop this takeover.
[ Via: Automotive News ]
[ Tag: porsche buys volkswagen, porsche volkswagen, porsche vw, PorscheBuysVolkswagen, PorscheVolkswagen, PorscheVw ]
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