September 25, 2005
Porsche to buy stake in VW
Tags: Porsche, Volkswagen
It looks like Porsche is planning on buying a 20% stake in Volkswagen in order to prevent a hostile takeover from investors. Why would Porsche care you ask? Porsche and Volkwagen already work together on developing hybrid vehicles and recently worked together to produce the Cayenne.
“The reason for this step is the fact that Volkswagen in the meantime has become not only an important development partner for Porsche but also an important supplier for some 30 percent of Porsche’s sales volume,” Porsche said in a statement.