Porsche expects to own 18.53% of Volkswagen’s shares before the end of October with the full approval of Germany’s anti-trust authority, the sports car maker said in a statement on Friday.
Stuttgart-based Porsche has already acquired 10.26% of VW’s common stock and has now “secured” another 8.27 per cent of the common stock of Volkswagen AG.
This will make Porsche the largest single shareholder in Volkswagen, and it plans to have “appropriate reporesentation” on the Wolfsburg-based car maker’s board.
Porsche said it had established an appropriate hedge against an increase in the price of VW common stock and is in a position to acquire another 3.4% through the market.
This, as previously stated, will not take the Porsche stake to a level requiring the company to submit a public bid for the takeover of Volkswagen.
The anti-trust authority ruled that the planned takeover of common stock complies with legal requirements and the deal can be completed.