Stuttgart, Germany – Porsche Automobil Holding has purchased more than half of Volkswagen AG with the acquisition of shares in the company. Porsche now holds 50.76 per cent of Volkswagen.

As a result of passing the threshold of 50 per cent, Porsche will acquire indirect control over Swedish truck manufacturer Scania, and by Swedish law is required to launch a mandatory offer for the truck manufacturer.

Porsche is not bound by pre-acquisition prices and is only obliged to offer the minimum price prescribed by law; the German automaker said that it has no strategic interest in the truck company and is not interested in acquiring Scania shares.

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