Porsche's Crosshairs Still Fixed on Control of Volkswagen

29 January 2008

STUTTGART: The planet's most profitable carmaker Porsche Automobil, already Volkswagen's largest single shareholder with around 31% of the firm's stock, remains determined to acquire control of its giant compatriot.

At the Porsche annual meeting Friday, ceo Wendelin Wiedeking told shareholders that the company is still mulling the extension of its holding in VW – Europe's largest automaker by sales.

"No one will hinder us to make the next steps, if we want to, [even] the Volkswagen works council," he insisted. But he denied his ambition extends to seizing the VW steering wheel.

Last October the European Court of Justice revoked  a German federal law that barred any Volkswagen shareholder from having more than 20% of voting rights in the company, regardless of the size of its shareholding.

Data sourced from Wall Street Journal Online; additional content by WARC staff