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.