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The German cabinet has prevented Porsche from taking control of Volkswagen by approving changes to the Volkswagen Law.
The legislation was modified to fit in with a recent EU ruling that struck down the law because of its 20 per cent cap on shareholding voting rights. The revised law now specifies that more important company decisions need more than 80 per cent of the shareholder approval.
Lower Saxony, which is keen to maintain employment levels across the state, owns 20 per cent of the shares, effectively allowing it block any of Porsche’s plans for VW’s future.
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