Porsche Now Controls VW

[mikeyb]

Porsche has announced they have acquired a further 4.89 percent of the 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. Todays 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 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 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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[coolmazda5]

Porsche and VW have been always tied together to some degree but now, with Porsche owning the whole enchilada, good luck with the VW German Unions (boom05)

 

[genericuser]

Well I've been waiting for a rear engine Jetta for a while.. Perhaps now I'll get my wish.

 

[TinmanMS6]

Porsche and VW have been always tied together to some degree but now, with Porsche owning the whole enchilada, good luck with the VW German Unions (boom05)

Well, not the whole enchilada, a controlling share. 35%

 

[MAZDA_SPEED]

finally,..atleast its not honda...

 

[Flash5]

hmm not sure how i feel about this, im interested to see where this will go, if anywhere at all that is

 

[Roywhitep5]

wow! so that means that porsche is now in charge of vw, audi, lamborghini, bentley rolls royce and bugatti. i remember reading that porsche was the most profitable major car company, but damn!

 

[~JoJo~]

good move Doc!

Now can you please buy mazda =p

 

[altspace]

Uh, it's all about money and corporation. Companies swap shares all the time. Not much is really seen by the automotive consumer in the end.

 

[Pighunter]

Nio, this is rather unusual. A ~18000 people company buys a major share on a ~300000 people company. One reason is historical, the Piech family is related to the Porsche family, so now it's real family business. Second, Porsche made too much profit and had to buy something. Third, there may come some EU regulations about maximum fuel consumption averaged for all manufacturer's models. Porsche wouldnt meet it or come anything near.

Lots of good reasons. The only problem for Porsche is an historic VW regulation about high employee's rights to influence company decisions. Politics and courts discussion ongoing...