Today's news is yet another step in Porsche's long journey to take a true controlling interest in Volkswagen. The German sportscar maker has reportedly already amassed a 51% stake in Volkswagen to date, but that's not enough of a majority in Germany to run the tables. Porsche still intends to raise its stake to 75% when economic conditions allow, but then there's Lower Saxony, Volkswagen's home state that reserves the right to veto any sweeping changes, to deal with. But at least they appear to have gotten this one thing done.
[Source: Automotive News Europe, sub. req'd | Photo by NIGEL TREBLIN/AFP/Getty]