Porsche not expected to raise VW shares to 50 pct this year - sources UPDATE |
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Published
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Tue, 23 Oct 2007 09:47
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(updates on Porsche supervisory board meeting on Nov 12)FRANKFURT (Thomson Financial) - Porsche AG is not expected to increase its Volkswagen AG shareholdings to 50 pct this year from the current 31 pct level, informed sources told Thomson Financial News.Porsche chief executive Wendeling Wiedeking said in September that his company holds sufficient financial derivatives options to enable it to increase its shareholding in Europe's biggest car maker to 50 pct.Wiedeking at that time said the move would be made after the EU Court of Justice has decided on scrapping the Volkswagen Law.The court today ruled 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 sources said the company's supervisory board would first have to make a formal decision on increasing the stake in VW to 50 pct.The next supervisory board meeting is on Nov 12 but sources said it is not 'a given fact' that the Nov 12 meeting would make such a decision on the VW stake.marilyn.gerlach@thomson.commog/lam/mog/ejbCOPYRIGHTCopyright 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 