Porsche confirmed last week it would increase its stake in Volkswagen Group beyond the 50% mark and thus gain greater control of the company and all its subsidiary brands, and now U.S. antitrust authorities have given their approval for the deal. The Federal Trade Commission placed the deal on a list of approved mergers, allowing Porsche to take a step further in gaining greater control of one of the world’s biggest carmakers.
There remains fears that sports car programs from Audi, Bentley and Bugatti that could potentially compete with Porsche’s own sports models could be canceled once the Stuttgart-based carmaker takes control, reports Automotive News. The German government is also fearful that greater control by Porsche could see thousands of VW workers lose their job.
In response to Porsche’s takeover announcement, the German government approved a revised version of its 48-year old VW Law, which mandates that any major strategic decisions within VW would still have to be approved by just over 80% of shareholders. This means that decisions made by Porsche, even with a controlling stake, could be blocked by the German state of Lower Saxony, which still holds 20% of VW.
Source : AFP
GMT 06:10 2017 Monday ,18 December
US moves to roll back 'net neutrality' rulesGMT 08:52 2017 Sunday ,17 December
Questions and answers on 'net neutrality'GMT 20:41 2017 Saturday ,16 December
Questions and answers on 'net neutrality'GMT 06:12 2017 Monday ,11 December
Big Media scrambles to meet challengeGMT 07:18 2017 Saturday ,09 December
Big Media scrambles to meet challenge from Big TechMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor