New car news

01 May 2007 - 15:00

Porsche attempts takeover of VW

It's official - in a move reminiscent of David and Goliath, Porsche has upped its stake in VW to 30 per cent.

This means that, under German law, the sports car maker must now launch a takeover bid.

Porsche has only offered the minimum value of the shares to VW's shareholders, which they are likely to reject.

If Porsche succeeds in its bid to take control of VW, it would make the sports car company one of the largest manufacturers in the world and give it control of VW, Audi, Skoda, Seat, Bentley, Bugatti and Lamborghini.