Porsche may increase participation in Volkswagen

The Porsche today announced it has received approval of its administration to increase participation in Volkswagen to more than 50%. This allows the Porsche hold greater control over the largest automobile manufacturer in Europe.
The Porsche today announced it has received approval of its administration to increase its stake in Volkswagen to more than 50%. This allows the Porsche hold greater control over the largest automobile manufacturer in Europe.

"Our aim is to create one of the largest and most innovative alliances car in the world" said the executive chairman of Porsche, Wendelin Wiedeking, quoted by Bloomberg.

The Porsche, which already owns about 31% of Volkswagen, announced that it intends to merge the two car manufacturers.

Last year, the manufacturer of sports cars made an offer to Volkswagen but few shareholders to accept. Now the company can increase its participation without having to make the offer to all shareholders.

The revenues of the Porsche, manufacturer of 911 sports cars, completed within six months to 31 January, grew 14% to 3.5 billion euros, to benefit from sales of the Cayenne sports car.