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Porsche representatives have declared that they have raised their stake in Volkswagen to 42.6% and are hoping to own the majority package of shares in the European carmaker.
Porsche already owns 35% of Volkswagen, which makes them the biggest shareholder already, but they want to buy even more. Still, they do not wish to create a merger. Their goal is to form an alliance strong enough to face the competition and obtain better sales numbers, more customers and more performance and prestige.
This collaboration is quite important for both companies, seeing that the car market has been affected by the world financial crisis as well.
A few weeks ago the negotiations were put on hold because of some family misunderstandings between Wolfgang Porsche and Ferdinand Piech, the cousins running the two businesses; they seemed not to agree on how to organize this take-over. Luckily, both families have come to an agreement and we can expect the official announcement of the take-over by the end of this year.
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Loading ...Posted under Business, Deals, International
This post was written by Dana Ciucalau on October 27, 2008
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