Super Street Network

Due to the EU’s Global Data Protection Regulation, our website is currently unavailable to visitors from most European countries. We apologize for this inconvenience and encourage you to visit www.motortrend.com for the latest on new cars, car reviews and news, concept cars and auto show coverage, awards and much more.MOTORTREND.COM
 |   |  Porsche increases its VW Stake
Subscribe to the Free
Newsletter

Porsche increases its VW Stake

Setting a further milestone

Sep 18, 2008

Porsche Automobil Holding SE, Stuttgart, acquired a further 4.89 per cent of the Volkswagen ordinary shares on Tuesday, 16 September. As a result, the total stake in the Wolfsburg-based car manufacturer now amounts to 35.14 per cent of the voting rights. This step ensures that Porsche has a lasting majority at the VW annual general meeting.

Dr. Wendelin Wiedeking, Chief Executive Officer of Porsche, said: "Our goal continues to be to increase our stake in Volkswagen to more than 50 per cent. Today's step is a further milestone along this road." He added: "We look forward to continuing and intensifying our cooperation with the Managing Board of Volkswagen, which is based on a spirit of mutual trust, and are hoping for a quick resolution of the conflict between the employee representatives of Porsche and VW."

By going above 35 per cent of the voting rights, Porsche will acquire de facto control of the Wolfsburg-based group. As a result, employee representatives of Volkswagen will now take seats in the Works Council of Porsche SE and the Supervisory Board of Porsche SE. The Works Council of Porsche SE will be informed about the increase of the stake and will be asked to reconstitute itself. Dr. Wiedeking was confident that the co-operation between the employee representatives of Porsche and Volkswagen in both bodies - Works Council and Supervisory Board - would help them develop a better understanding of each other's positions and would lead to a constructive and forward-looking co-existence.

BROWSE CARS BY MARKET

MORE FEATURES

Emory Motorsports builds the ultimate Outlaw: the 1964 Porsche 356 C4S, an AWD classic Porsche that features the running gear of a 1990 911 Carrera 4.
Rory JurneckaFeb 22, 2019
Two images that purport to show the all-new 992-generation 911 Turbo have shown up on the internet, and they seem to be the real deal
Ed TahaneyFeb 21, 2019
Aston Martin isn't expected to deliver its third hypercar until late 2021, but it's already teasing the mid-engine coupe codenamed Project 003
Kelly PleskotFeb 20, 2019
Carbon Signal Automotive (CS) might not be a familiar name to most, but it's quickly mastered what neither the best in California or Japan can do yet, which is what's helped put its name onto the map.
Jonathan WongFeb 20, 2019
Speedworks Motorsport opts for the new Toyota Corolla hatchback to take racing in the 2019 British Touring Car Championship
Bob HernandezFeb 20, 2019
Sponsored Links

SEARCH ARTICLES BY MAKE/MODEL

Search
CLOSE X
BUYER'S GUIDE
SEE THE ALL NEW
NEWS, REVIEWS & SPECS
TO TOP