Porsche Buys More Shares Of Volkswagen, Plans To Hike Majority Ownership To 75 Percent In 2009

January 6, 2009 11:32 a.m. EST

Stuttgart, Germany (AHN) - German luxury car manufacturer Porsche increased its share of Volkswagen to 50.76 percent from 42 percent. With its acquisition of additional shares, Porsche gains indirect control over heavy truck maker Scania, based in Sweden.

Swedish law mandates Porsche to make an offer for outstanding shares in Scania, where Volkswagen used to the majority stockholder.

Porsche's original plan was to buy more Volkswagen stocks in 2008, but deferred it due to the rise of share values of the Beetle maker during a period of frenetic stock market speculation. Volkswagen's shares leaped to $1,339.21 (1,000 euro) from $281.60 (210 euro) in two trading sessions in late October.

The Germany car maker pushed through with the share buy in when Volkswagen shares closed at $341.66 (254.74 euro) on Monday.

A Porsche spokesman said the company intends to further hike its majority share in Volkswagen this year to 75 percent.