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Porsche Now Controls VW, Makes Offer on Audi

September 16, 2008

Porsche announced they have increased their stake in Volkswagen to 35.41%, which gives them “de facto control of the Wolfsburg-based group.” Porsche has also announced their intent to increase their stake to more than 50%.

By law, Porsche is also required to submit a formal offer for VW subsidiary Audi. However, Porsche stated they have no interest of separating Audi from VW. VW currently owns 99.14% of Audi shares.

Porsche CEO Wendelin Wiedeking had this to say:

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. 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.

So, do you think this makes it even more likely that a Porsche-badged version of the upcoming VW sports car will happen?

[source: Porsche]

Posted in Company News