Following a meeting held earlier today (Monday, March 3), Porsche’s Supervisory Board authorized the Managing Board to go-ahead and initiate all steps needed to increase the sports carmaker stake in Volkswagen AG to more than 50 per cent. Porsche is already the biggest shareholder in the Volkswagen Group, with a 31 percent stake. Based on the current stock exchange price of approximately 150 Euro per ordinary share, the acquisition of a further 20 per cent in VW corresponds to an investment of almost ten billion Euro.“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.” Said Porsche Chief Executive Officer, Wendelin Wiedeking. “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”. (Pic: Carscoop)
