Volkswagen: Porsche confirmed plans to become main shareholder!

Porsche AG wants to buy 20 percent of the Volkswagen shares, this was now finally confirmed by Porsche with an ad hoc message. We reported about this story yesterday. Read more here.

Porsche's boss Wendelin Wiedeking is cited with the words: "With this engagement we want to ensure long-term the business relations with VW and also a significant plan for our future."
Volkswagen is not just an important development partner, but also a major supplier for Porsche with around 30 percent.
The investment could be paid from the existing liquidity and is expected to be around 3 billion dollars according to the current market price for the Volkswagen shares.

In addition it is said that "Porsche is in contact with the board of Volkswagen to find a common scope for design of such a deal based on the existing decisions of the shareholders' meeting. The share will at no means reach a point where Porsche has to make a public offer for the takeover of Volkswagen."

Interesting times we are living in!

GermanCarBlog, Volkswagen, Porsche

Source: Der Spiegel (only in German)

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