Stuttgart, Germany – Porsche Automobil Holdings in Stuttgart, Germany has announced that it has acquired a further 4.89 per cent of Volkswagen’s ordinary shares yesterday, giving the company a total stake of 35.14 per cent of voting rights. The company said that this ensures that Porsche has a lasting majority at the VW annual general meeting.
“Our goal continues to be to increase our stake in Volkswagen to more than 50 per cent,” said Dr. Wendelin Wiedeking, CEO of Porsche. “Today’s step is a further milestone along this road. We look forward to continuing and intensifying our cooperation with the Managing Board of Volkswagen, which is based on a spirit of mutual trust, and are hoping for a quick resolution of the conflict between the employee representatives of Porsche and VW.”
With Porsche’s de facto control of the Wolfsburg-based Volkswagen group, employee representatives of Volkswagen will now take seats with the Works Council and Supervisory Board of Porsche. Wiedeking said that he was confident that cooperation between the employee representatives in both bodies would help develop a better understanding of each other’s positions and would lead to a constructive and forward-looking coexistence.