Porsche on the lookout for majority stake in Volkswagen

Porsche on Monday announced its plans to lay claim to the majority stakes in Europe’s largest auto manufacturer Volkswagen. Porsche already owns about 30% stake in VW.

The decision would result in an investment of about $15.17 million in Volkswagen and hence increasing the Porsche ownership of shares to above 50% from 30%.

Porsche’s Chief Executive Mr. Wendelin Wiedeking said that Porsche was not looking for a merger but to work “in a new and collegial partnership.” The news has come on the same day as Volkswagen announced a majority holding in Scania AB, hence making VW the largest truck-making company in Europe.

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