Porsche Now Controls VW
Porsche has announced they have acquired a further 4.89 percent of the [color:d738=blue! important][color:d738=blue! important]Volkswagen ordinary shares today, confirming a controlling majority of which VW now becomes a subsidiary of Porsche Automobil Holding SE.
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 [color:d738=blue! important][color:d738=blue! important]VW.”
Simultaneously, as requirement by German law, Porsche is obligated to make a compulsory offer for VW subsidiary, Audi AG. Dr. Wiedeking commented: “We regard [color:d738=blue! important][color:d738=blue! important]Audi as an integral part of the Volkswagen group and have no interest in removing the company from the group structure.”
http://www.worldcarfans.com/9080916.012/porsche-now-controls-vw
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