|
 FRANKFURT, Germany (AP) - Prestige automaker Porsche will increase its stake in Volkswagen AG, maker of the Beetle, Golf and Jetta, in a widely expected move aimed at keeping the company firmly in German hands.
A spokesman for Porsche said the company did not plan to acquire Volkswagen, Europe's biggest car maker, which is partly owned by the state of Lower Saxony and is looked to as both an industrial powerhouse and a major provider of jobs.
Stuttgart-based Porsche AG, which makes upscale and expensive sports cars like the 911 and Boxster, said Saturday it would increase its stake in Volkswagen from 27.3 percent to 31 percent in the next week, a move that legally obliges it to make a mandatory takeover offer for the company.
|