Porsche has publicly announced its interest in lifting its stake in Volkswagen AG to 31% from the current level of 27.3%. The sports carmaker holds an option to buy the extra 3.7% and is expected to offer a discounted price for the remaining shares, which it hopes will allow it to cross the 30% threshold without having to launch a takeover bid in the future. The Lower Saxony Government will remain as VW’s group major shareholder.

"Porsche is firmly convinced that a closer bond with VW through an increase of the stake to more than 30% of the VW ordinary shares will produce benefits for both partners without diluting or indeed endangering the identity of Porsche," it said in a statement. A spokesman for the company said “we don't want a majority.”

With more control there are fears that Porsche will try to nix the plans of its competition under the VW umbrella, including the likes of Audi and Bugatti. Porsche insists the move will help all VW companies improve the standing against international rivals, especially from emerging markets in Asia.