Porsche ups stake in VW to 50 percent
January 8, 2009 by George Skentzos
Porsche is continuing its acquisition of Volkswagen AG, increasing its stake in the German auto giant to 50.76 per cent for a majority ownership.
As a result of passing this threshold, Porsche has acquired indirect control over Scania AB, Södertälje, and is required by Swedish law to launch a mandatory offer for the truck manufacturer.
Porsche is only obliged to offer the minimum price for Scania based on the average stock exchange price during the 20 days prior to purchasing a majority stake in Volkswagen.
However, Porsche has expressed no strategic interest in Scania nor is it interested in acquiring Scania shares.
Despite tough economic times, Porsche is booming after having reported a A$16.462 billion profit for the 2007/2008 fiscal year.
Of this amount, only A$1.918 billion was attributable to operating profits from its car division, with the rest accounting for the rising value of its stake in Volkswagen AG, which at the time stood at only 22.3 per cent.
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