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Porsche Raises Stake In Volkswagen
German Automaker Raises Stake In VW To 35 Percent
POSTED: 5:53 am PDT September 16,
2008
UPDATED: 6:22 am PDT September 16,
2008
Porsche said it has raised its stake in fellow German automaker Volkswagen AG to more than 35 percent. It said the move puts it in effective control of Volkswagen. Porsche Automobil Holding SE previously held a 31 percent stake and has said it plans to raise that to a majority holding. It said in a statement that it acquired an additional 14.4 million ordinary VW shares on Tuesday -- taking its share of the voting rights to 35.14 percent. Porsche said that as a result of the latest deal, Volkswagen has become a Porsche subsidiary under the provisions of German securities laws.
Automotive News reported that Porsche CEO Wendelin Wiedeking said the sports car maker intends to raise its stake in VW to more than 50 percent. "Today's step is a further milestone on the way," Wiedeking said in a statement.Wiedeking said that Porsche has no plans to separate Audi from Volkswagen, which owns Audi.
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