PORSCHE has increased its majority shareholding in troubled Volkswagen by acquiring nearly 4.4 million shares – a 1.5 per cent stake – from Suzuki. But neither party is revealing the price paid for VW shares.
In Porsche’s commitment to core investment, the stake of ordinary shares in Volkswagen increases to 52.2 per cent with 32.4 per cent stake of subscribed capital.
Porsche Automobil Holding SE, Stuttgart (Porsche SE), announced that it had reached an agreement with Suzuki Motor Corporation, Shizuoka, to acquire the ordinary shares of Volkswagen AG, Wolfsburg, in an off-market transaction.
The parties involved agreed not to disclose the purchase price.
Porsche SE considers the purchase of 4.397 million ordinary VW shares as “a strong commitment to its core investment and emphasises its role as an anchor shareholder in the Wolfsburg-based car maker”.
Porsche SE said it continues to pursue its investment strategy and examines investments along the automotive value chain.
