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Porsche owns 74% of Volkswagen(Skoda, Seat, Audi and the rest)

Porsche plans to gain control of more than 75 percent of Volkswagen in order to pass a domination and profit transfer agreement that would grant it full control of VW's cash flows, Porsche said on Sunday.

Porsche owns 74% of Volkswagen(Skoda, Seat, Audi and the rest)
As of the end of last week, Porsche said in a statement it owned 42.6 percent of Volkswagen voting stock and held a further 31.5 percent in cash-settled options on VW ordinaries giving it indirect control of 74.1 percent.

The goal is to raise this to 75 percent in 2009, so long as the economic conditions permit, and pave the way for a domination agreement, it said.

It continues to expect it will cross the 50 percent threshold for its direct stake in VW by the end of this year.

A domination agreement requires at least 75 percent control of a company's votes present at a shareholder meeting under German law.


Author: AL
Source: Autolatest & Autonews

Tags:
Porsche, owns, VolkswagenSkoda, Seat, Audi, rest