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Porsche closes on VW control
26 March 2009
Porsche is poised to formally take a controlling interest in VW after it secured 10 billion Euros (£9.3billion) worth of loans.
The loans came from a consortium of 15 banks, including Barclays Capital and Credit Suisse. The money should be enough for Porsche to take its stake in VW above the 75 per cent required for a controlling interest.
However, to take complete control, Porsche would need to push its stake above 80 per cent.
The government of Lower Saxony, where VW is based, holds a 20.1 per cent stake in the firm so a full takeover is not likely.
The VW group has Europe’s largest sales volumes.
In January, Porsche’s stake in the VW was 51 per cent.
Mark Tisshaw
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