Porsche Shoots for All the Marbles: Considers Suing German Government for Control of VW

Mess not with Wendelin the Lionhearted, ye Saxon dogs! Lest ye be dispatched with a slash of Porsche general counsel's mighty broadpen. Argh! What are we on about? It seems the large and in charge leader of the Porsche dream team, Mr. Wiedeking, wants the corporate control that should go along with owning a controlling share of Volkswagen. Porsche has already paid $4.2 billion Boxster bux to nab 21.2 percent of VW (with an option to grab up an additional 3.9 percent). The next largest stockholder is the regional Government of Lower Saxony, which can exersize veto power, as appointed by law. Hockeypucky! says Wendelin, who wants what he paid for — that is, the equivalent of a majority vote over major decisions at VW. Analysts say it's the beginning of a debate over V-dub's future and its potential to be subject to a hostile takeover, and over Porsche's ability to wield enough power to prevent such a fate. It may not be quite the Sack of Magdeburg, but hopefully it won't take 30 years to sort it all out. [Thanks to Ed for the tip.]

Porsche battles government's grip [International Herald Tribune]

Related:
Porsche to Become Main VW Shareholder [internal]