Porsche says it now owns Volkswagen, required by law to takeover Audi

It’s been a while since we’ve heard anything on the Porsche taking over Volkswagen front. Well Porsche announced today that it has raised its stake in V-Dub from 31 percent to 35 – saying that Volkswagen is now a subsidiary of Porsche Automobil Holding under the German law.

Porsche is now also required by law to submit a formal offer to buy Volkswagen’s subsidiary Audi as a result of its new share increase. Wendelin Wiedeking, Porsche’s CEO, said that the automaker has no intentions of separating Audi from the Volkswagen Group.

“We see Audi as an integral part of VW group and have no interest in taking the company out of the group,” Wiedeking said in the press release.

Porsche will offer a minimum price of about 487 euros per share to takeover Audi. Wiedeking also said that it plans in increasing its share in Volkswagen to more than 50 percent in the future.

 

Source: Automotive News (Subscription Required)