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Porsche takes control of VW

2008-09-16 14:55
Porsche has increased its stake in Volkswagen, pushing its share to 35.14% and effectively acquiring control of the Wolfsburg-based group.

Porsche on Tuesday acquired the 4.89% of ordinary shares required to give it more than 35% of the voting rights in Volkswagen. This step ensures Porsche's lasting majority at the VW annual general meeting and, as a result, employee representatives of Volkswagen will now take seats on the Porsche's Works Council and Supervisory Board.

Dr. Wendelin Wiedeking, chief executive officer of Porsche, said: “Our goal continues to be to increase our stake in Volkswagen to more than 50%. Today’s step is a further milestone along this road.”

The further increase in shares is expected to take place within the next few months.

“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,” Weideking added.

As a result of the new shareholder structure, Porsche is required by law to submit a formal mandatory offer for the VW subsidiary Audi within the next four weeks.

However, Volkswagen has stated that it will not be accepting the offer for its 99.14% of the Audi shares. Therefore, the mandatory offer only relates to a freefloat of 0.86%, representing approximately 370 000 Audi shares.

Wiedeking commented: “We regard Audi as an integral part of the Volkswagen group and have no interest in removing the company from the group structure.“



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