Stuttgart, Germany – Porsche Automobil Holding SE has disclosed its holdings and shares related to the takeover of Volkswagen AG. At the end of last week, Porsche held 42.6 per cent of Volkswagen ordinary shares and an additional 31.5 per cent in “so called cash settled options”, representing a total of 74.1 per cent.
Porsche said that assuming the economic framework conditions are suitable, the aim is to increase to 75 per cent in 2009, paving the way to a domination agreement. The intention to increase the Volkswagen stake to above 50 per cent in November/December 2008 remains unchanged.
In a statement, Porsche said that the families Porsche and Piech, who own all Porsche ordinary shares, have expressed their backing of the steps taken by the members of Porsche SE’s board of management, and clearly expressed their support for a domination of the Volkswagen group by Porsche.