Porsche Creeping Closer To Volkswagen Takeover

Furthering an effort begun by Porsche in 2005, an E.U. commission Wednesday granted permission for the sports car manufacturer to gain control of Volkswagen. If it seems that the buyout process has been happening in slow-motion, that's because it has: Thanks to arcane rules and buyout clauses, Porsche has had to purchase blocks of VW stock over a period of time, culminating in a final buyup in June. The result is that Porsche now owns a 51% stake in Europe's largest automaker, and the gub'ment says it's kosher. Of course, the German state of Lower Saxony, VW's second largest shareholder, can still play all passive-aggressive, so the soap opera is really just getting started. [Reuters UK]


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