Porsche board gives go-ahead for majority stake in VW

Porsche board gives go-ahead for majority stake in VW

Wheels

By: ROBINSON/BEINTEMA AUTOFILES

The Supervisory Board of Porsche Automobil Holding SE, Stuttgart, has given the go-ahead for an increase of the stake in Volkswagen AG to more than 50 per cent.

At its extraordinary meeting it authorized the Managing Board to initiate all steps needed under regulatory and antitrust laws throughout the world.

The reviews by the regulatory authorities are expected to take several months. As soon as the requisite clearances have been obtained, Porsche SE can acquire the majority of the shares in Volkswagen.

Dr. Wendelin Wiedeking, Chief Executive Officer of Porsche SE, said, "Our aim is to create one of the strongest and most innovative automobile alliances in the world, which is able to measure up to the increased international competition."

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