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Approved: Porsche to seize control of VW

Approved: Porsche to seize control of VW

German antitrust authorities have given approval to Porsche's plan to increase its stake in Volkswagen to 25.1 percent. That will give the sports car maker a controlling minority share in VW. The plan was first announced late last month. Porsche began expanding its stake in Volkswagen late last year in an effort to prevent hostile takeovers from other factions. VW is a critical supplier to Porsche, and their partnership is expected to widen when production begins of the 2009 Panamera sedan. Government official Ulf Boege said there were no significant antitrust concerns about the deal, as there is no risk of Porsche and Volkswagen dominating the entire German car industry. Porsche currently holds a 21.2 percent stake in Volkswagen.