Porsche claims control of VW
German sports car maker Porsche has effectively won control of Volkswagen, Europe’s biggest auto maker.
Wednesday, 17.09.2008.
13:21
German sports car maker Porsche has effectively won control of Volkswagen, Europe’s biggest auto maker. Porsche issued a statement that it has boosted its stake from 31 percent to over 35 percent, a controlling interest under German law. Porsche claims control of VW And it says it wants this to increase to more than 50 percent by the end of the year. This comes amid rising tension on many fronts. VW Chairman Ferdinand Piech is Wolfgang Porsche’s cousin, but he has effectively voted against his family. There is conflict between the two works councils. VW fears Porsche will push through aggressive efficiency moves and reject demands for a pay rise. The German government is trying to modify a law giving the state government of Lower Saxony veto power over the fate of the company. Porsche wants the law abolished so it can more easily seize control. Despite the conflict, Volkswagen shares were up more than 2.8 percent in afternoon trading, even as Germany’s DAX was down, and the European Central Bank pumped more than EUR 70bn into money markets to help them stabiliye after the Lehman Brothers’ collapse.
Porsche claims control of VW
And it says it wants this to increase to more than 50 percent by the end of the year.This comes amid rising tension on many fronts.
VW Chairman Ferdinand Piech is Wolfgang Porsche’s cousin, but he has effectively voted against his family.
There is conflict between the two works councils. VW fears Porsche will push through aggressive efficiency moves and reject demands for a pay rise.
The German government is trying to modify a law giving the state government of Lower Saxony veto power over the fate of the company.
Porsche wants the law abolished so it can more easily seize control.
Despite the conflict, Volkswagen shares were up more than 2.8 percent in afternoon trading, even as Germany’s DAX was down, and the European Central Bank pumped more than EUR 70bn into money markets to help them stabiliye after the Lehman Brothers’ collapse.
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