F&I Management & Training

Germany's Porsche Automobil Holding has raised its stake in Volkswagen to more than 50 percent, triggering a mandatory takeover offer for Sweden's Scania as a result.Porsche's purchase of further ordinary shares in Volkswagen means it now holds a 50.76 percent stake, Porsche said on Monday. It held 42.6 percent previously.The additional stake of 8.16 percent was worth about 6.1 billion euros ($8.49 billion) on the stock market on Monday, according to Reuters calculations, considering that Volkswagen shares closed at 254.74 euros, down 1.7 percent.Porsche had initially planned to raise its stake above 50 percent by the end of last year, but a massive short squeeze in late October briefly made VW the world's most valuable company, when its share price exceeded 1,000 euro.

DATED: 06.01.09

FEED: ANE