Porsche has further increased its stake in Volkswagen, triggering a clause in Swedish law that requires Porsche to bid for control of subsidiary truck company Scania.
Porsche’s purchase of an additional 8.16 per cent of Volkswagen is worth £5.5bn, based on current stock market valuations, and now leaves it with 50.76 per cent of VW.
Law dictates that Porsche must now launch a takeover bid for Scania after gaining indirect control due to Volkswagen’s 69 per cent voting rights in the truck maker.
Porsche is unlikely to pursue a takeover of Scania, and will only offer the minimum required price for the shares, before mounting a renewed attempt to seize control of further VW shares.
Porsche expects to secure a 75 per cent stake in VW in the coming months. Porsche announced in October that it had options to buy a further 31.5 per cent of the company, sparking a huge surge in VW’s share value.