Porsche board gives approval to take majority stake in VW

Oh it’s definitely getting hostile. As we last reported on the Volkswagen/Porsche news, Porsche holds nearly 31 percent stake in Volkswagen and has said it wants to increase this shareholding to a significant level.

Well today the supervisory board of Porsche AG has given the sports car maker the approval to take a majority stake in Volkswagen AG, the largest German automaker.

Porsche said that the decision does not mean that there will be a merger of the two German companies. It also did not specify when Porsche will increase the stake or how much.

Source: Detroit Free Press

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