Porsche: the car manufacturer will adopt the European Company (EC) status in June 2007

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)

Through . Published on 19 April 2007 Ă  15h55 - Update on 19 April 2007 Ă  15h55

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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