Porsche now controls Volkswagen

Porsche has announced that it has bought a 4.89 percent stake in ordinary shares of Volkswagen, thereby gaining a majority stake in the German company.

The chief executive of Porsche, Dr. Wendelin Wiedeking, stated:

Our goal remains to increase our stake in Volkswagen to more than 50 percent, and this is an important step in the process.

We wish to continue and intensify our cooperation with the board of directors of Volkswagen, which is based on a spirit of mutual trust, and we look forward to a swift resolution of the conflict between the employee representatives of VW and Porsche.

Regarding the requirement of German law under which Porsche is obliged to also make an offer for Audi, the executive notes:

We believe that Audi is an important part of the Volkswagen group and we have no interest in removing the company from the group’s structure.

As we mentioned some time ago, the review of the VW Law would end with the saga involving Porsche and VW, so this outcome is no real surprise.

Via | World Car Fans