Due to several technicalities, Porsche’s takeover of Volkswagen has been delayed by months, but it appears the German sports car maker is inching closer towards a VW acquisition. European Union rules prevented a Porsche takeover in June due to a regulation that calls for a company be able to show an agreement or public bid for a majority share in a company before the European Commission will decide on such a matter.
To comply with the rule, Porsche will increase its stake in VW from 30.6 percent to 35.5 percent, effective September 2nd. The German automaker will then have to refile its proposal with the Commission, according to Automotive News.
Porsche submitted its original plans last month, but had to withdraw them due to the technicality.
In response to Porsche’s 4.9 percent bump in ownership, the state of Lower Saxony – VW’s largest current share holder – upped its stake in VW by 500,000 shares.
Once Porsche is given the all clear from the EU, it plans to raise its stake in VW to over 50 percent — which could happen soon after the September deal.
07/10, 12:19 PM
posted by:
macabre
Excellent, at least I can stare at my beautiful round headlights and marvel at the flat four when the coil packs die and leave me stranded in Death Valley.
07/10, 12:25 PM
posted by:
Got Handling?
The sooner the better. Then they can give their ugly people-carrier the badge it deserves and let the Porsche brand get back to proper business.
07/10, 12:57 PM
posted by:
RaineMan
Hasn’t Porsche been “taking steps” to get VW since this time last year?
Well… maybe if we’re really lucky we can get a RWD GTi based off of the Boxster. That would be sweet.
07/10, 1:15 PM
posted by:
macabre
The Boxster is mid engined spyder and the GTi is front engined front drive 5 seater hatch. How exactly are they going to marry the platforms?
07/10, 1:46 PM
posted by:
xyunya
…. and French are free to drink champagne…
07/10, 2:42 PM
posted by:
MugenSentraKen
====>>Porsche: There Is No Substitute.
07/10, 7:22 PM
posted by:
TOZO
Just buy it already!
07/10, 9:41 PM
posted by:
A4
wow sentra that was insightful seen commercials much?
porsche sucks
and their ugly people carrier already has a version with a VW badge on it so im sure theyll keep it.