Porsche gains control of Volkswagen; raises stake to 35.14%

Subscribe to Oneindia News

New Delhi, Sep 17 (UNI) German luxury car maker Porsche today said it has raised its stake in German automaker Volkswagen(VW) to more than 35 per cent, a move that it believes will give it effective control over Europe's biggest carmaker.

Porsche Automobil Holding SE previously held a stake of a little more than 30 percent and has said it plans to raise that to a majority holding.

The company has acquired an additional 4.89 per cent for an undisclosed amount, taking its share of the voting rights to 35.14 per cent, it said in a statement.

''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,''Chief Executive Officer of Porsche Wendelin Wiedeking said.

He also voiced hope 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.

UNI AK SG KP1613

Please Wait while comments are loading...