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Porsche to take control of VW by September: source

Automotive

German sports car maker Porsche wants to increase its stake in Volkswagen from 31% to a majority in September or possibly even in August, an industry source said on Thursday.

Porsche had already said, that it wanted to hike its interest in Europe’s biggest carmaker but had not said when the operation would take place. The company announced on Thursday it would do so “this year.”

The EU’s competition watchdog is due to rule by June 18 whether to authorize Porsche’s bid to take a majority stake in Volkswagen and bring both companies under one holding company. Brussels has declared illegal a clause in VW’s statutes that gives the state of Lower Saxony with a 20.1% stake a de-facto veto right on major company decisions. Such decisions need approval by 80% of shareholders.

The German cabinet this week backed a new bill it said addressed some of Brussels’s concerns but which leaves intact Lower Saxony’s blocking minority, which Porsche has also protested about. The head of Porsche’s supervisory board, Wolfgang Porsche, told monthly Manager Magazin in an interview published Thursday, that there was “a lot to do” to improve VW’s operations, in particular its distribution network. (The Economic Times)

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