After a fast-paced, big-spending month, Volkswagen AG CEO, Martin Winterkorn, says his company is unlikely to become heavily involved in more deals with other manufacturers in the short term.
After taking a 19.9 percent stake in Suzuki and a 49.9 percent share of Porsche’s sports car division, Winterkorn said there was interest from other companies but little from his own.
“There are some who knock on our door. Some really want to come under our roof as they see we’re on a good path strategically.
“But we are satisfied with the current line-up. I don’t see any need [to expand further],” he said.
He also insisted that “time will tell” whether VW’s share in Suzuki will rise in the long-term future.
Over the weekend it was announced that VW had been granted permission by the EU to acquire Mahag Group, which controls a series of car dealerships throughout Germany.
The Commission decided that the merger would not obstruct competition in the European market.
“The horizontal overlaps between the activities of VW and Mahag are limited.
“For all products concerned, the merged entity will continue to face effective competition,” it said in a statement.
Also revealed was the acquisition by Qatar of a further 10.2 percent in Volkswagen AG, taking its total stake to 17 percent.
“As a long-term strategic investor, we continue to believe that the investment in VW and the envisaged combination of Porsche SE and VW represents a unique investment asset for Qatar Holding,” Qatar Holding CEO, Ahmad Al-Sayed, said.
Qatar’s Sheikh Jassim Bin Abdulaziz Bin Jassim Al-Thani is also believed to be in line for a seat on Porsche’s supervisory board, with its annual general meeting to be held on January 29.
(with Automotive News)