EC Delays Verdict as Porsche Raises Stake in Volkswagen

June 2008 | Legal News

The battle for veto now seems to be on hold for some time as German sports car maker Porsche increases its stake in Europe's largest automaker Volkswagen (VW). Porsche has announced plans to buy a further 4.92% of VW's equity, raising its stake in the company from 31% to 35%. Though the stocks have not yet been acquired, the company revealed that the contract for the purchase of the stake has already been signed. The company will have to obtain merger clearance from 15 other regulators

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