Porsche has announced they have acquired a further 4.89 percent of the Volkswagen ordinary shares today, confirming a controlling majority of which VW now becomes a subsidiary of Porsche Automobil Holding SE

Porsche has announced they have acquired a further 4.89 percent of the Volkswagen ordinary shares today, confirming a controlling majority of which VW now becomes a subsidiary of Porsche Automobil Holding SE.

Dr. Wendelin Wiedeking, Chief Executive Officer of Porsche, said: “Our goal continues to be to increase our stake in Volkswagen to more than 50 per cent. Today’s step is a further milestone along this road.” He added: “We look forward to continuing and intensifying our cooperation with the Managing Board of Volkswagen, which is based on a spirit of mutual trust, and are hoping for a quick resolution of the conflict between the employee representatives of Porsche and VW.”

Simultaneously, as requirement by German law, Porsche is obligated to make a compulsory offer for VW subsidiary, Audi AG. Dr. Wiedeking commented: “We regard Audi as an integral part of the Volkswagen group and have no interest in removing the company from the group structure.”

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