F&I Management & Training

Porsche yesterday announced plans to raise its stake in Volkswagen to 75 per cent in 2009.

The luxury carmaker said it currently holds a 42.6 per cent - up from around 35 per cent due to recent purchases - and reiterated its plan to to gain a direct equity stake of more than 50 per cent by December.

Porsche said it has once again outlined its plans due to the volatility of the global markets and the announcement has come at a particularly interesting time for VW.

Its stock has shot up in recent trading, making the world's third largest carmaker worth more than all the other US and European carmakers combined.

Porsche's gradual acquisition of the brand has not been easy amid resistance within the company's workforce and the opposition of the state of Lower Saxony, that German state that holds a blocking minority in VW.

DATED: 27.10.08

FEED: MT