Porsche Controls VW, Buys Audi

According to Automotive News, Porsche today said it has raised its stake in Volkswagen group to 35 percent from 31 percent. VW is now a subsidiary of Porsche Automobil Holding under German law. Now for the underlining reason for the overtake, by law, Porsche has submit a formal mandatory offer for VW subsidiary Audi.

Porsche is well on its way to stage a hostile takeover and raise its stake in VW to more than 50 percent. Porsche CEO Wendelin Wiedeking is quoted in saying that it has no interest in separating Audi from VW group.

Source: autonews.com