Porsche Automobil Holding has upped it’s stake in Volkswagen to over 50.76%, Reuters reports this morning. The additional 8.16% ownership is worth approximately $8.49-billion US / 6.1-billion euros on the open market Monday.
This additional investment was not unexpected- as Porsche had indicated in November that it would increase its share to a majority holding after the new year. Porsche’s Chief Financial Officer Holger Haerter indicates that they plan on increasing their holding to 75% by the end of 2009 given the right market conditions.
Source: [Reuters / Automotive News Europe]
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Published January 6, 2009 by Zane Merva
Filed Under: Business & Finance