Porsche takes over Volkswagen

• QX179R

  6 Jan 09, 16:12

  Porsche takes over Volkswagen: statement

  FRANKFURT, (AFP) - - The German luxury sportscar maker Porsche has taken over Volkswagen, the biggest European car maker, by purchasing more than 50 percent of its shares, Porsche said.

  Porsche said in a brief statement that by buying new VW shares, it "will thus increase its participation to 50.76 percent "of the group's capital, compared with 42 percent before.

  As a result, Porsche is now obliged by Swedish law to make an offer for outstanding shares in the heavy truck maker Scania, in which VW is the dominant shareholder.

  But the German sportscar company will offer a minimum price for Scania shares, and has no "strategic interest" in the company, the statement said.

  Porsche had initially planned to acquire more than 50 percent of VW's stock last year but was forced to delay the operation after the value of the shares soared amid frantic stock market speculation.

  At one point, they traded for more than 1,000 euros (1,350 dollars) per share, making VW briefly the biggest company in the world by stock market valuation.

  On Monday, VW shares closed at 254.74 euros, close to the range Porsche had set for itself of between 200-250 euros.

  Porsche, which makes the 911 sports car and Cayenne sports utility vehicle, plans to raise its stake in VW to more than 75 percent this year, which would give it total control over the group.

• tranicide

  6 Jan 09, 16:39

  Bugatti is taken over by VW right? So if Porsche now takes over VW, I guess Bugatti is under them as well?

• NerdzRulz

  6 Jan 09, 18:22

  Originally posted by tranicide:

  Bugatti is taken over by VW right? So if Porsche now takes over VW, I guess Bugatti is under them as well?

  Yup, In fact, lots of car companies are now under Porsche. such as Bentley, Skoda, Lamborghini, SEAT and Audi.

  Does that mean Porsche is currently the world' biggest car company?

• NoobBOY

  6 Jan 09, 19:53

  Originally posted by NerdzRulz:

  Yup, In fact, lots of car companies are now under Porsche. such as Bentley, Skoda, Lamborghini, SEAT and Audi.

  Does that mean Porsche is currently the world' biggest car company?

  Yes, partly you can say that,its just infront of GM

• Unknown_X

  7 Jan 09, 00:15

  down with GM!

• ditzy

  7 Jan 09, 00:20

  Didn't the porsche design originated from a vw beetle?

• lianamaster

  7 Jan 09, 18:17

  Me don't really keep track of who take over who.... So long car cheap and safe can already....

• NoobBOY

  7 Jan 09, 20:43

  Lets see wheater Porsche will make use of any volkswagen group technology

• tranicide

  7 Jan 09, 21:36

  Not to be biased, but I do hope Porsche builts (not spoil it) a successor to the Bugatti Veyron, or leave it like the McLaren F1, always the flagship car of the brand.

• lianamaster

  8 Jan 09, 15:57

  I think the Porsche brand is strong enough to woo car enthusiasts around....

• mh2

  8 Jan 09, 20:33

  thk for the news.

  fyi, as of 2007, the top car group  in random order is :

  GM

  toyota

  renault (include nissan)

  ford (include mazda)

  porsche (include VW)

   

• youyayu

  9 Jan 09, 10:01

  panamera here i come

• tranicide

  9 Jan 09, 11:17

  Originally posted by youyayu:

  panamera here i come

  I honestly think that the Panamera is ugly. The Maserati Quattroporte pwns it hands down.

• lianamaster

  9 Jan 09, 12:10

  Originally posted by youyayu:

  panamera here i come

  
  Wah....cool...

• jsguit89

  12 Jan 09, 16:18

  wow! i didnt noe that porsche is so freaking rich!!

• lianamaster

  14 Jan 09, 10:07

  Originally posted by jsguit89:

  wow! i didnt noe that porsche is so freaking rich!!

  Are you saying it is expensive?