Porsche gunning to have majority stake in VW by Nov. 26
Porsche is looking to have attained a majority share in Volkswagen by November 26 at the latest. The automaker would increase its share from 35 percent (currently) to more than 50 percent within six weeks in order to take complete control of Wolfsburg, Germany-based Volkswagen.
Sueddeutsche Zeitung, a German newspaper, reported that the carmaker wants to be in control of Volkswagen in time for Porsche's annual results news conference held on November 26. Just weeks ago, Porsche took over a controlling share in Volkswagen. Under German law, a party must obtain more than 35 percent of a company to be considered a controlling shareholder.
Porsche is also still reported to be seeking full ownership of Audi.