Porsche says Lower Saxony should stay on supervisory board even after VW Law |
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Tue, 23 Oct 2007 09:06
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STUTTGART (Thomson Financial) - Porsche AG said the state of Lower Saxony, which holds around 20 pct stake in Volkswagen AG, should remain on the supervisory board even after the Volkswagen Law is scrapped.Porsche, which holds around 31 pct in VW, also said it welcomes the EU Court of Justice decision against the 'Volkswagen law', upholding a European Commission claim that Germany has prevented the free movement of capital by effectively protecting the car giant against takeover.Porsche said last September that it intends to raise its VW stake to 50 pct once the law is scrapped by the EU court.The commission brought the action against Germany in March 2005, claimingthat the VW law, dating from 1960, contains provisions regarding theshareholding and management of the group which differ from standard companylaws.The law bans any single shareholder from holding more than 20 pct of votingrights in the company.marilyn.gerlach@thomson.commog/slmCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Porsche CEO rejects calls to amend worker representation on supervisory board 