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.
