On Wednesday, Porsche won its long-lasting battle to acquire a controlling stake in Volkswagen , the world’s fourth-largest automaker. The last attempt to purchase shares that would bring its total VW ownership to more than 50 percent saw a technical difficulty, but yesterday’s European Comission approval means that plan is now back on track.
“The Commission’s examination of the transaction showed that horizontal overlaps between Volkswagen and Porsche are limited,” the EU statement read. “For all car segments concerned, Porsche will continue to face several strong, effective competitors with significant market shares.”
Still, Porsche has to deal with the German state of Lower Saxony, which, after getting its VW Law struck down, is maintaining a veto power, or blocking minority, in all decisions having to do with VW’s future, despite holding just over 20 percent of the automaker. Porsche is fighting the new law, which is in draft stages, as it intends to take over operations of the ‘People’s’ brand.
