28th June, 2006
Dr. Ing. h.c. F. Porsche AG, Stuttgart, is intending to acquire a further 3.9
per cent of the ordinary shares of Volkswagen AG. To this end, the company has
filed an application to the German Federal Cartel Office to request its approval
of the planned increase of its stake. Acquisition of the shares would increase
the sports car manufacturer’s holding in VW from the present 21.2 per cent to
25.1 per cent of the voting rights, meaning that it would obtain a controlling
minority in the Group.
The Stuttgart company anticipates that the Cartel
Office will approve its plans without delay. Porsche would be able to implement
the intended stock purchase as soon as approval is granted. Notwithstanding, a
decision as to when the measures to increase its stake will be put into place
has not yet been made.
Porsche AG has been contemplating raising its
stake since (northen) autumn 2005. In order to prevent any price risks, the company has
concluded forward-rate agreements, which enable the ordinary shares to be
purchased at a fixed price. Even without exercising this option, the sports car
manufacturer is the largest single shareholder in Volkswagen AG.
![2006 Volkswagen Passat](i.vw.passat.2006.sedan.right.garden06jan.jpg)
2006 Volkswagen Passat |
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