A Porsche spokesman said the company would stick to its pledge to ensure that enough VW shares are left in the open market to allow investors to trade freely. Last October, shortages of VW stock on the market briefly drove VW shares above €1,000, or more than $1,300.
Despite Porsche’s new majority holding, the existing VW Law and the resultant power of the state of Lower Saxony and the VW workers council means that its decision-making powers are limited to some degree, analyst Tim Urquhart told The Detroit News. Lower Saxony holds a 20.2% blocking minority in VW under a law that has been declared anti-competitive by European Union authorities.
Volkswagen remains the world’s third biggest carmaker behind Toyota and General Motors and produces more than five million vehicles annually, but it is now presided over by a family-controlled company that makes a little over 100,000 expensive sports cars each year.
Reader Comments
Mon Mar 10 2008 12:31 PM
chris says
and my dreams of a 911 that doesn't look like a VW beetle have finally been squashed. makes sense that the two least soulful german makes finally tie the knot. expect another 50 years of the 911.
Fri Apr 25 2008 4:03 PM
C6R says
You must be joking... Porsche 911 has lots of soul!
You may accuse them of some things, but they certainly do not lack soul.
Sat Apr 26 2008 8:23 AM
Alan says
911 is about the only German car full of soul. And i personally quite like the shape of the 911, but i' do think that 996 and 997 isn't as good looking as 993
Today, 2:18 PM
NoNameDenton says
Why up their stake more, they already control the company, unless they want mor of a stake in the profits, do not see the point.
Today, 2:24 PM
samuelesm says
Porsche technically own Lamborghini Audi and VW because now they own VW, and VW owns Audi and Audi owns Lamborghini
Leave a Comment
Login or register to leave comments.
Please keep your comments on topic. Your involvement is governed by our Privacy Policy and Terms.