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| Porsche gains control of Volkswagen
Last Updated: 2008-09-17 17:42:14
New Delhi: 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.
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Porsche Automobile Holding SE previously held a stake of a little more than 30 per cent and has said it plans to raise that to a majority holding.
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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,'' the 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.
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By going above 35 per cent of the voting rights, Porsche will acquire de facto control of the Wolfsburg-based group.
