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Protecting - Germany - Porsche Taking Stake in VW
Germany -AP -Sep. 26, 2005: -- Two ofGermany's automakers are banding together, financially, to protect the country's largest automaker from a hostile takeover... Following reports last week that financiers from Arab countries as well as Kirk Kerkorian were interested in buying up shares in beleaguered Volkswagen, Porsche says it will take a stake of about 20 percent in VW... Porsche confirmed the move, the AP reports, by noting that VW has become "a significant supplier for about 30 percent of our sales volume" and "an important partner in development"... The stake would, under current German law, prevent a hostile takeover. The pricetag for the stake is estimated at $3.6 billion...
posted by Unknown @ 9:44 AM
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