Shares skyrocket as Porsche takes over Volkswagen

[NoGOPZone]

Source: AFP via Yahoo! News

German luxury sportscar maker Porsche has taken over Volkswagen, the biggest European car manufacturer, after purchasing more than 50 percent of VW shares, Porsche said.

Porsche said in a brief statement late Monday that by buying new VW shares, it "will thus increase its participation to 50.76 percent" of the group's capital, compared with 42 percent before.

The news sent Volkswagen shares rocketing up 13.48 percent in early afternoon trading on the Frankfurt stock market on Tuesday


Read more: http://news.yahoo.com/s/afp/20090106/ts_afp/germanyautocompanytakeoverporschevw

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Article seems to indicate that Porsche is less labor friendly than Volkswagen.

[flvegan]

1. That puts Porsche in control of Audi, Bugatti, Bentley and Skoda then too.

Not a surprise move, as Porsche and VW have been collaborating since the beginning and Porsche has held quite a stake in them for a long time.

At least now, the 911 and the Beetle can be finally united under one badge.

:hide:

[soleft]

2. Splain?

[flvegan]

3. Splain what?

The corporate control or the 911/Beetle?

[soleft]

13. 911/Beetle

[DS1]

7. You forgot

[flvegan]

11. That's right, owned by Audi, yes.

[Blue_Tires]

9. ironic

considering the earliest porsches were modified VWs...now they own the whole shop

[maxsolomon]

4. because i had 78 vw transporter with a 2 liter porsche engine

i thought they were already merged.

i miss driving that bus. it went fast. when there was a tailwind.

[Locrian]

5. wow I guess I own two Porsches now!

But I think this is bad news for VW...

[DS1]

6. Holy Crap

[merh]

8. as if my parts aren't expensive enough

Didn't Porsche produce a low level sports car with a volkswagen engine in it in the 60's & 70's?

It sounded like a cross between a beatle and a sewing machine.

[BrotherBuzz]

10. That was the 914

It was a lot of car if you never drove the 911. The stock 914 had a respectable four cylinder, but a few came from the factory with a very hot six. Light car and hot engine made for a lot of fun.

[ACTION BASTARD]

12. I used to joke with a neighbor that his Porsche was just a fast Volkswagon

Oh dear, I believe I'll now by hung by my own petard any time now.