Porsche to hold off hiking VW stake until spring 2008 - report |
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Published
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Mon, 10 Sep 2007 08:21
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FRANKFURT (Thomson Financial) - Porsche AG will likely hold off increasing its stake in Volkswagen AG from the current 31 pct until spring of next year to wait for regional elections in the state of Lower Saxony, Handelsblatt reported, citing sources.Lower Saxony is VW's second-biggest shareholder, with a 20 pct stake.State elections are to be held in January.Porsche's chief executive Wendelin Wiedeking has also said the company will likely not increase its stake in the VW until the European Court of Justice has ruled on whether the 'Volkswagen law' - which states that no shareholder can have more than 20 pct of voting rights in VW - is legal.maria.sheahan@thomson.commas/lamCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Volkswagen workers may lose wage agreement if Porsche hikes stake above 50 pct 