Porsche is continuing its effort to control its parent company Volkswagen. They just announced that they’ve purchased further ordinary shares in Volkswagen AG, now owns 50.76 percent of VW’s shares. Now the question is why the hell Porsche wants to control VW? They have been one of the fewest car makers which never suffered form economy downturn and always been beneficial, with revenues more than 17 percent on each car they sell, but instead of concentrating on what made them what they are, making great sports cars, they wanna play business and that would bring them down! Although they need to own at least 70 percent of VW shares to gain control of the company.

PRESS RELEASE

On this Monday, Porsche Automobil Holding SE, Stuttgart, purchased further ordinary shares in Volkswagen AG, Wolfsburg, and will increase its holding to 50.76 per cent of all ordinary voting shares in Volkswagen. As a result of passing the threshold of 50 per cent Porsche will acquire indirect control over Scania AB, Södertälje, and is required by Swedish law to launch a mandatory offer for the truck manufacturer. The Stuttgart-domiciled company is not bound by pre-acquisition prices and is only obliged to offer the minimum price prescribed by law. The minimum price will be calculated on the basis of the volume weighted average stock exchange price of the Scania shares during the 20 trading days prior to publication of the acquisition of the majority in Volkswagen. Porsche points out that it has no strategic interest in Scania and is not interested in acquiring Scania shares.