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Reader Comments for
Subscribe to this threadWolfgang Porsche joins VW board
(Page 1 of 1)
rgseidl @ Mar 13th 2008 5:45PM
(a) while Porsche Automobil Holding SE, Porsche AG's parent, does hold 31% today and has applied for regulatory permission in the EU plus 15 non-European countries to increase that to 51%, the shares have not actually been purchased yet. Porsche does hold options and has secured a line of credit.
(b) the German justice minister is currently drafting an amendment to the infamous "Lex VW" to comply with a recent EU court ruling that invalidated major portions of it. One provision that the court criticized but did not strike down was the blocking majority of just 20%, which gives the state of Lower Saxony a lot of clout. Normally, 25% of outstanding shares are required. The EU competition commissioner has already indicated she will file another lawsuit against Germany if the amendment does not bring the percentage required for a blocking vote in line with common practice.