Porsche now own 42.6 percent of Volkswagen

We reported a few weeks back that Porsche were to take a bigger slice of Volkswagen, Sunday saw the automaker increase its stake to 42.6 percent. Porsche have now increased their hold on Europe’s biggest automaker, which they hope they will be able to fully control over the next few years.

Before Porsche increased their stake, they were already the biggest shareholder, with a 35 percent stake in the company. It seems very strange that a company such as Porsche has got spare cash, when so many other larger automakers are feeling the pinch.

By the end of 2008, Porsche hope to increase their stake to over the 50 percent mark. Porsche also hope to own 75 percent of VW in 2009. Volkswagen has said that Porsche needs to own 80 percent of the company to have a controlling stake.

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