According to the European Commission, Porsche is fighting the controversial ‘VW Law’ in its long-standing attempts to acquire controlling interest in Volkswagen . At the end of May, the court ruled in favor of VW, blocking Porsche from buying VW.
This gives context to comments made by the sports car makers CEO, Wendelin Wiedeking, since then, regarding having talks with VW once controlling interest is gained.
As a result of the re-filing with Brussels’ competition regulators, the deadline for the EU executive’s competition review of the deal has been moved back to July 23 from today, as per the Automotive News.
Back in March, Porsche ’s board authorized the purchase of a majority stake of Germany’s biggest automaker that would total the equivalent of about $15.5 billion.
