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.