Friday, November 17, 2006
Porsche homes in on VW
Speculation is rife that Porsche is lining up a takeover of Volkswagen.
This comes after the luxury car brand raised its stake in Europe's biggest car maker from 21.2 per cent to 27.4 per cent yesterday.
The Porsche board has reportedly given permission to raise that again to 29.9 per cent, which is just below the point where it needs to make a formal takeover.
Porsche has also extended the contract of its chief executive Dr Wendelin Wiedeking for a further five years. The move came on the same day that Porsche revealed a 70 per cent rise in annual profits.
DATED: 17.11.06
FEED: MT
This comes after the luxury car brand raised its stake in Europe's biggest car maker from 21.2 per cent to 27.4 per cent yesterday.
The Porsche board has reportedly given permission to raise that again to 29.9 per cent, which is just below the point where it needs to make a formal takeover.
Porsche has also extended the contract of its chief executive Dr Wendelin Wiedeking for a further five years. The move came on the same day that Porsche revealed a 70 per cent rise in annual profits.
DATED: 17.11.06
FEED: MT
