With Porsche's revelation today that it owns 35.14% of Volkswagen shares comes the news that VW is now a subsidiary of Porsche, thus ending the long slog toward Porsche ownership. Stuttgart has announced its intention to continue purchasing VW shares until it owns a 50% stake. Porsche also made an obligatory offer for Audi — under what we can only assume are really strange German business laws, the automaker also has to at least tender an offer for the VW subsidiary, though Porsche has publicly stated that they have no desire to separate Audi from VW. No word yet on when Porsche will make an offer for General Motors, but Jerry York is rumored to be on a plane to Stuttgart right now.
Created