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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Re: Porsche thwarted again
So the German Government is taking a short term keep employment high view rather than a long term keep the companies competitive view ! This will result in far more jobs being lost in the long run, especially high added value engineering jobs. Its typical of politicains to just think of the next election rather than thinking of the country`s long term good.
Re: Porsche thwarted again
YEAH for VW!!
The buy-out of VW by Porsche would have seriously been driven by the FAG Syndrome - Fear And Greed!!! Its most heartening to see there are much greater issues, employment and prosperity primary, than obscenely larger profits for a cliche of obscenely rich people, generated by underhand dubious manipulation. Lets see Porsche stand on its own two feet, protect its 'brand', grow healthily, and stop stealing so-called niches it neither needs nor makes sense to be in. MB and BMW seem about as expert at that as the world needs to see. In days gone by motor vehicles, sportscars excepted, came in small, medium, and large, as cars or station wagons. The single advent that changed that, a tiny bit, was the coming of the 'hatch', and that was really only a slight re-hash of the station wagon. Quite some years ago now Toyota bought out a 4WD station wagon called the Tercel, so inspite of the steroided monsters with rediculous acronyms and effete designer-speak garbage names - especially the Porsche Aye-canne, they are no more than just a repeat version of the original old station wagon. Porsche make sportscars, now of some repute, and its time they put some serious money into replacing that tired old 911/shape. And will someone PLEASE tell them, hanging an engine out behind the rear axle has ALWAYS been the wrong place.
Long live VW, in the hands of the right people.
Re: Porsche thwarted again
Well if this is true im sure that VW could find ways to persuade some of the final 20% of voters to change their votes... Prostitutes or holidays to the Bahamas perhaps?