Porsche May `Significantly' Boost Volkswagen Stake |
| Bloomberg - Sep 11, 2007 |
Porsche AG, the maker of the 911 sports car, said it has enough options to ``significantly'' raise its Volkswagen AG stake. Porsche advanced the most in more than five months in German trading after it said full-year sales rose.
Porsche has guarantees to purchase shares above the current 31 percent holding and will wait to see if the so-called Volkswagen law is struck down before buying, Chief Executive Officer Wendelin Wiedeking said today in Frankfurt during a briefing. ``We'd like to have a greater share in Volkswagen's success.''
Wiedeking first purchased a stake in Volkswagen in 2005 and has almost quadrupled the value of the investment in Europe's largest carmaker. Volkswagen has ``a lot of work to do'' to improve profitability and catch up with Toyota Motor Corp., he said, adding that CEO Martin Winterkorn and the board are doing a ``good job.''
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- Posted: 2007-09-11 10:33:44
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