Sun Sep 2, 6:19 PM ET
BERLIN (AFP) - German luxury sports car maker Porsche is trying to boost its stake in Europe's biggest automaker Volkswagen to acquire majority control, German media reported Sunday citing unnamed sources.
Newsweekly Der Spiegel reports in its issue to hit newsstands Monday that Porsche has already begun buying stock options that will allow it to buy VW shares at a fixed price.
It currently holds an approximately 31-percent stake in Volkswagen.
Stock traders told the magazine that they believe Porsche will cross the 50-percent threshold early next year.
Der Spiegel and the Frankfurter Allgemeine Sonntagszeitung newspaper noted that Porsche need only report its exact stake in VW when it has acquired more than half its shares.
Porsche's stake in VW rose above the 30-percent threshold in March, requiring it to make a takeover offer to all shareholders. But less than one percent of all VW shareholders accepted its low offer.
Der Spiegel said Porsche hoped to assume more direct control over Volkswagen with the current move.
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Source:
Yahoo! News
