Porsche board gives green light for VW takeover

There’s been a great deal of speculation in recent months claiming Porsche would increase its stake in Volkswagen Group beyond the current 31% and now the carmaker’s board has given approval to raise the stake to more than 50%. Porsche CEO Wendeling Wiedeking has openly admitted to much bigger plans for the cooperation and now it appears the plans include a full blown takeover.

“The supervisory body authorized the managing board to initiate all steps needed under regulatory and antitrust laws throughout the world'' to increase the holding, Porsche said in a statement today. Wiedeking, meanwhile, said his own personal 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.”

Porsche is still locked in negotiations with VW unions over the allocation of worker seats on Porsche's board and legal protections of labor representatives' veto powers at Volkswagen, reports Bloomberg. Last week, VW union boss Bernd Osterloh revealed his uneasiness towards the impending takeover, claiming it will likely be a “hostile takeover.”