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Porsche Plans to Take Outright Control of Volkswagen Photo:
 
 
Steane Klose | Oct, 08 2008 | 0 Comments

November 26th will have Volkswagen officials on edge as Porsche conducts its annual meeting with the proposed take over of VW headlining the agenda. The continuing battle for control may soon draw to a close, as Porsche has announced it plans to take complete control of Volkswagen by increasing its 35 percent stake in the German manufacturer to over 50 percent by the end of November.

Porsche is eager to get access to engines and electronics from Audi, which is almost completely owned by Volkswagen, but VW have so far not allowed this. Porsche plan to take matters into its own hands by gobbling up a larger share of VW - just how much is as yet unknown - while also fighting a legal battle with Lower Saxony, the state Volkswagen calls home.

Porsche and Lower Saxony will attempt to settle their differences on November 6th in the Hanover District Court. At this stage Lower Saxony's minority 20 percent stake grants it the ability to veto all board decisions despite the vast differences in share percentages.

Given Volkswagen and Lower Saxony have been fighting a losing legal battle to date, it's likely we'll soon see our friends in Stuggart at the helm of the iconic German marque. Prolonging the process could prove quite damaging to all parties as essential resources and efforts are shifted away from the production and sale of vehicles, so hopefully this is all laid to rest as quickly as possible.

 
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