Porsche move for VW conceals family feud
Author: Robin Brown
Published: 17 September 2008
Porsche has increased its stake in Volkswagen by a further 4.89 per cent to take its share of voting rights to 35.14 per cent and giving Porsche a lasting majority at the VW annual general meeting.
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.”
“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.”
Porsche’s move triggered a mandatory takeover offer for Audi, which VW will reject.
The move conceals a behind-the-scenes battle for control of Volkswagen between Porsche chairman Wolfgang Porsche and his cousin, VW chairman Ferdinand Piëch.
VW is hostile to Porsche's attempt at a de facto takeover, with Piech, the formidable VW works council and the government of Lower Saxony - a major VW shareholder - ranged against the sports-car manufacturer.
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