Porsche could own up to 49 per cent of the Croatian electric tech outfit by July.
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Volkswagen Group subsidiary Porsche has increased its stake in Croatian brand Rimac Automobili, opening the door for a long-rumoured takeover at Bugatti.

Last year CarAdvice reported an alleged agreement between the two companies could see Porsche incrementally increase its stake in Rimac to as much as 49 per cent by mid-2021. In return, Rimac would acquire the Bugatti name from the Volkswagen Group without money swapping hands.

In this latest move, Porsche announced it had increased its share to 24 per cent (up from the 15 per cent acquired in 2019) however did not comment on the future of Bugatti within the arrangement.

Hyundai, Kia, Jaguar Land Rover, and Koenigsegg also remain shareholders in the Croatian marque.

Porsche CEO Oliver Blume suggested last month a decision on future plans for Rimac and Bugatti would be finalised no later than July.

A spokesperson Rimac declined to comment when approached for comment by CarAdvice. This story will be updated when more information becomes available.