Bank Of Baku

Porsche takes over Volkswagen

Porsche takes over Volkswagen
# 12 January 2009 12:24 (UTC +04:00)
Baku. Nijat Mustafayev – APA-Economics. The German luxury sportscar maker Porsche has taken over Volkswagen, the biggest European car manufacturer, after purchasing more than 50 percent of VW shares, Porsche said late on Monday.
Porsche said in a brief statement that by buying new VW shares, it "will thus increase its participation to 50.76 percent" of the group’s capital, compared with 42 percent before.
As a result, Porsche is now obliged by Swedish law to make an offer for outstanding shares in the heavy truck maker Scania, in which VW is the dominant shareholder.
Porsche, which makes the 911 sports car and Cayenne sports utility vehicle, plans to raise its stake in VW to more than 75 percent this year, with which it expects to gain total control over the group.
Having more than 75 percent would allow it to seal a so-called domination contract giving it full financial control.
1 2 3 4 5 İDMAN XƏBƏR
#
#

THE OPERATION IS BEING PERFORMED