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Porsche CEO: no rush for VW decision

Old 11-23-2007, 01:22 PM
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Exclamation Porsche CEO: no rush for VW decision

STUTTGART, Germany - Porsche AG's chief executive said Wednesday that his company has made no decision on whether to raise its stake in rival German automaker Volkswagen AG, and suggested that it was in no hurry to make a move.

Speculation that Porsche would move to take a majority in Volkswagen has been high since the European Court of Justice ruled last month that Germany's so-called "VW law" had illegally shielded Volkswagen from any takeovers.

Porsche is Volkswagen's largest shareholder, and has built a 31 per cent stake.

At an employee council meeting in Stuttgart, CEO Wendelin Wiedeking said there was no decision so far to increase that stake.

"We are not under time pressure," he said.

Volkswagen's second-biggest shareholder is the state of Lower Saxony, where Volkswagen's Wolfsburg headquarters is located, which holds just over 20 per cent.

With more than 51 per cent combined, the two could block any foreign takeover.

But Porsche has been profiting from its stake in VW, and most observers expect it is only a matter of time before it moves to increase its shares further.

Volkswagen shares were down 1.6 per cent at 162.02 euros ($238.56) in late trading Wednesday in Frankfurt. Porsche shares declined five per cent to 1,329.96 euros ($1,958.21).
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