Porsche now owns 42.6% of Volkswagen

Just last month, Porsche made another move toward fulfilling its vow to take over Volkswagen. Sunday, Porsche again increased its stake, giving it almost 43% of the Beetle-maker.

"The goal remains, as long as the financial conditions are right, to increase [the stake] to 75 percent in 2009 and clear the way for a controlling stake," Porsche said in a press release.

After last week's big meeting between the two companies and, more significantly, since Porsche's stated goal is to own 50% of VW by the end of November, this new step is really no surprise.

[Source: The Associated Press via The Detroit News]

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