Following an extraordinary meeting held by the Supervisory Board. Porsche have authorised the management board to increase their stake in VW from 27.3% to 31% and thus to make a mandatory offer for Volkswagen. To put this in perspective, the increased stake means Porsche will therefore be in effective control of Volkswagen and by law if a shareholder acquires more than 30% of a company it must offer to buy the remaining shares on terms as good as its most recent purchases which is expected to be 100.92 Euro per VW ordinary share . Porsche has traditionally had a close relationship with Volkswagen. The first bestseller of VW, the Beetle, was based on a development by the founder of Porsche. Many joint projects, such as the 914, the 924 and the 944, and also a joint sales company in the period between 1969 and 1974, were propitious business decisions which proved successful in the market. The results of numerous development services provided by the sports car manufacturer to Volkswagen are nowadays a standard feature in vehicles of the Wolfsburg-based group. The pinnacle of success can be seen in the current off-road models Cayenne and Touareg. The platform has now also been adopted by Volkswagen's subsidiary Audi for its Q7. Full press release after the jump