Porsche to take control of VW by September: source
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)
ADVERTISEMENT
Companies Make Net Repayments on Credit in April
Parl't Approves Amendments to Legislation on Judiciary
Wizz Air Participates in USD 50 mln Investment
Tourism Nights Slightly up in April 2023
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.
