Germany approves new Volkswagen Law
Porsche didn't win... this round. The German cabinet approved amendments to the Volkswagen Law yesterday, but lawmakers left Porsche's key clause untouched. For those of you who haven't been following this saga, "Volkswagen Law" is the legislation that includes a provision to allow the federal state of Lower Saxony to keep a blocking minority vote in Volkswagen. That minority position is just 20 percent, exactly the amount currently held by Lower Saxony. With Porsche gobbling up shares in VW, intent on capturing a majority position so they can control plant closures, and Lower Saxony determined to protect thousands of jobs in their state... rest assured we haven't heard the last of this.
[Source: Automotive News]
Reader Comments (Page 1 of 1)
Ian 5:00PM (5/28/2008)
Porsche buys 51% and moves their Corporate/tax HQ to the USA....
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SNIFFDAR 4:43PM (5/28/2008)
Thank God!
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vwboyaf1 6:07PM (5/28/2008)
The government should never get so involved with commercial issues that it actually has laws named for individual corporations. Even if the outcome seems good in the short term, in the long term everyone will regret it.
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rsfourever 8:27PM (5/28/2008)
thank god - anything to keep porsche from killing lamborghini, bugatti and the R8 sounds good to me
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