Porsche buys 20 percents of Volkswagen
The Porsche company already owns 5 percents of the biggest auto company of Europe.
Increase of stock holding up to 20% will cost Porsche 4 billion dollars. Porsche proposal caused company quotations drop on 12 percents at the beginning of the sales. On the contrary stocks of Volkswagen increased on 2 percents.
Explaining the decision about buying the company says that Volkswagen is not only major partner of Porsche but also is a serious supplier which holds about 30 percents of sales of the auto company.
Volkswagen welcomed Porsche decision and commented that long time stability of privacy structure is important to the company. Volkswagen stock increased on 17 percents last week and reached three years period maximum due to signs of uptake arrangement of the large investor.
Particularly, a name of multi-millionaire Kirk Kerkorian was said, according to Bloomberg information, whose reputation is black eyed among auto-companies.
Now Lower Saxony government is the major owner of Volkswagen stock, its holding of stocks amounts at 18,2 percents. Volkswagen itself owns only 13 percents of the company. Local government and Porsche will be able to control a majority of votes at the directorate board together.
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