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Porsche go-ahead for majority stake in VW

Porsche’s supervisory board has given the go-ahead for an increased stake of more than 50% in Volkswagen which will give it majority control.

At its extraordinary meeting held on yesterday, Porsche authorized “all steps needed under regulatory and antitrust laws throughout the world” to make the stake increase happen.

Dr. Wendelin Wiedeking, chief executive officer of Porsche, said: “Our aim is to create one of the strongest and most innovative automobile alliances in the world, which is able to measure up to the increased international competition.”

He went on to say that as a result of this decision Volkswagen and Porsche will in future “be able to write a new chapter in automobile history, working together in a partnership based on fairness and collegiality.”

Reviews by the regulatory authorities to clear the increased stake are expected to take several months.

Wiedeking said: “Our aspiration to become the majority shareholder of Volkswagen is good news for the employees of the Volkswagen Group and of Porsche. The decision of the supervisory board secures the long-term future of both companies.”

Based on the current stock exchange price of approximately €150 per ordinary share, the acquisition of a further 20% in VW corresponds to an investment of almost €10 billion.

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