Porsche reported to seek majority control of Volkswagen


Porsche dismissed Saturday a fresh news report that it was planning to secure majority control of Volkswagen, the German-based car group, which it already dominates.

The news magazine Der Spiegel quoted rumors on stock exchanges that Porsche was busily acquiring options on Volkswagen shares with a view to securing 51% of the maker of Volkswagen, Audi, Seat and Skoda cars. This would enable Porsche chief executive Wendelin Wiedeking to acquire the stock later at a fixed price. Spiegel said brokers estimated Porsche would surpass the 50% level early next year. Asked for comment by Deutsche Presse-Agentur dpa, a Porsche spokesman said there was no board resolution to seek a majority of Volkswagen, adding, “This is just everyday speculation.”

Spiegel said that before taking a majority, the new Porsche Automobil Holding SE would have to be registered as a European Union corporation. It is wholly owned by the Porsche and Piech families and owns all the voting shares in Porsche as well as Porsche’s present 31% stake in Volkswagen. Speigel said Porsche sought majority ownership for the sake of direct control, because so far there had been practically no joint projects between the two as Stuttgart-based Porsche had hoped. (m&c.com)


European e-commerce soars during pandemic - study Analysis

European e-commerce soars during pandemic - study

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Chain Bridge to be closed for traffic for 18 months City

Chain Bridge to be closed for traffic for 18 months


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.