Porsche has just increased its share of VW to 35.1 percent, up from 31 percent. In doing so, Porsche has gained "de facto" control over Volkswagen AG. Also, by increasing its ownership stake, Porsche is required by law to submit a formal offer to buy Volkswagen's subsidiary Audi.
Wendelin Wiedeking, Porsche's CEO, said that the automaker has no intentions of separating Audi from the Volkswagen Group.
"We see Audi as an integral part of VW group and have no interest in taking the company out of the group."
"Our goal continues to be to increase our stake in Volkswagen to more than 50 percent," Wiedeking added. "Today's step is a further milestone along this road."
Here's Inside Line's take: Porsche Bumps VW Stake Above 35 Percent, Ensuring Control
Here's AutoObserver's take: Intrigue, German-Style, in Ongoing Porsche-VW Tussle
ateixeira says:
08:56 AM, 09/17/08
They'll soon buy Audi, too, watch.
Piech should be ashamed that he let this happen to VW. It should have been the other way around. He spent money in all the wrong places.
rsholland says:
09:06 AM, 09/17/08
According to the news they have to by law.