PanterroR
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Porsche has decided against making a takeover bid for Volkswagen, according to a report by Germany's weekly Focus magazine. The company apparently wishes to avoid the financial risk associated with such a move.
Last week, Porsche said it had increased its stake in VW to 27.4 percent. The automaker's supervisory board also gave the go-ahead for an increase to 29.9 percent. Under German law, Porsche would have to launch a takeover bid if exceeds a 30 percent holding.
Despite rumors to the contrary, Porsche spokesman spokesman Anton Hunger said "there are definitely no plans at the moment to raise the stake of Porsche in VW to 30 pct or above," according to AFX News.
Source: http://www.leftlanenews.com/2006/11/20/porsche-says-no-vw-takeover-in-the-cards/
