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    Porsche says it controls 74 percent in VW

    AFP
    26.10.2008 - 17:54 | Son Güncelleme:

    German sports car maker Porsche said Sunday that it now controls 74.1 percent in Volkswagen, Europe’s biggest automaker, via a 42.6 percent direct equity stake and options giving it another 31.5 percent.

    Porsche said that it still aims to increase its direct equity stake to over 50 percent by the end of 2008 and that it wants to raise this to 75 percent in 2009, "provided that economic conditions allow," according to a statement.

     

    Previously Porsche had said it had a 35 percent stake. Having more than 75 percent would allow it to seal a so-called domination contract giving it full financial control.

     

    It has said since early March that it planned to take over the much bigger VW, which in August said it had overtaken Ford to become the worlds third biggest automaker behind General Motors and Toyota.

     

    Porsches takeover would see a family-controlled company that makes 100,000 expensive sports cars a year take control of a national institution that churns out five million vehicles annually.

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