Following its takeover of Volkswagen, the luxury car manufacturer announced that it wanted to try to transform into an EC, through the creation of a holding company. Even though the measure will only have an impact - in the first time at least - on Porsche, the latter will have control of Volkswagen. The consequences on employees' representation in both companies are not certain yet. (Ref. 070361)
On March 24, 2007, a press release from Porsche announced an operation that has been expected for several months: the company’s supervisory board agreed to let Porsche AG’s management take control of Volkswagen, number one car manufacturer in Europe. At the same time, Porsche (11,500 employees) was launching a cheap takeover bid which would enable it, at least at the beginning, to increase its shares up to 31% of the capital, which would be enough to control Volkswagen (320,000 employees).
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