- Oct 7, 2008
Porsche plans to take absolute control of VW November 26
For a few years there at large profile gatherings in America – especially sporting events – people wielding signs that referenced the Bible passage "John 3:16" and said things like "Be prepared" and "The end is nigh" were a common sight. We wouldn't be surprised if signs began showing up around VW headquarters that read "He is coming, 26-11-08." But the "he" they'd be referring to is Wendelin Wiedeking, CEO of Porsche, now that Porsche has announced its plans to take a greater-than-50-percent share in VW before the end of November.
Porsche's annual meeting is on November 26. The company hasn't said how big a stake it plans to take, nor when it will be doing the taking, but it's apparently ready to get this whole VW-ownership escapade into an endgame. There are still legal issues and technical challenges and Lower Saxony to deal with, but we have a feeling it's going to be a lot more difficult to argue with the phrase "absolute majority."
[Source: Automotive News, sub. req'd]