Porsche to up ownership stake in VW
Newswheel staff :: 12 July 2006 :: Filed under Porsche, Volkswagen, Europe & UK, US
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Bigger stake for little brother
Anti-trust / monopolies authorities in Germany have rubber stamped Porsche’s application to snag a further 3.9 per cent stake in its bigger German brother, VW. Currently, Porsche holds a 21.2 per cent interest in V-Dub. The additional shares will push it over the crucial 25 per cent barrier and represent an overall investment of around 3.5 billion euros. Crucial, that is, because it will give Porsche a theoretical blocking minority and should prevent VW from being bagged by a foreign competitor…
According to Reuters, the success of Porsche’s efforts to secure long term independence for VW from evil outsiders could hinge on the so-called “VW Law” which prevents shareholders from excercising more than 20 per cent of their voting rights. The EU Commission is currently contesting the legality of this in court and it’s thought Porsche will be waiting on the outcome before extending its stake in VW. Unless the law is overturned, the extra shares will provide no additional voting rights.
Porsche and VW, of course, have a common history that dates back to the 1930s, the most recent manifestation of which is the platform shared by the Cayenne and Toureg SUVs. The next big joint Porsche-VW project is expected to be the Porsche Panamera four-door coupe, due out in 2009. As we reported back in November, VW will produce fully welded and painted bodies for the Panamera at its Wolfsburg plant.
Posted 16 January 2007, by Danisty.j
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