According to this article in Reuters, the German press is reporting that Volkswagen has offered Porsche another 3.4 percent share of the company, which would raise Porsche's stake to 21.9 percent. While this is not a big enough holding to give Porsche a blocking minority (similar to veto rights), it could be reason enough to justify three board seats.

The current board members are less than pleased by the development, and plan to tell Chairman Ferdinand Piech just what they think of it at an extraordinary board meeting on Monday.

The explanation probably lies in the present and planned close cooperation between the two companies. A German trade magazine is set to report on Monday that VW and Porsche are planning Touareg/Cayenne-like cooperation on Porsche's Panamera, planned for 2009.

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