Porsche Bid For Volkswagen
Posted 24th March, 2007 in Porsche, Volkswagen | Leave a comment
Stuttgart auto manufacturer Porsche, is planning to raise its stake in Volkswagen AG to 31 percent, strengthening its control and forcing it to make an offer for the rest of the Wolfsburg company.
Porsche’s supervisory board today authorized the company to increase its holding from 27.3 percent to to 31 percent on March 26, said Frank Gaube, a Porsche spokesman.
Analyst, Stephen Pope commented “Porsche will be able to instil its philosophy of strong focus on margins and profitability on the Volkswagen group.”
[Source: Bloomberg]
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