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Porsche to raise VW stake "in course of September"

Mon Sep 1, 2008 11:40am EDT

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STUTTGART, Germany, Sept 1 (Reuters) - Porsche (PSHG_p.DE) will increase its 31 percent voting stake in Volkswagen (VOWG.DE) by 4.9 percent "in the course of September", a spokesman for the sports car maker said on Monday.

It had earlier said it would exercise derivative contracts from Sept. 2 that would let it increase its VW stake.

Chief Executive Wendelin Wiedeking had in July cited Sept. 2 as the date the derivatives would be triggered, giving Porsche effective control of the world's third-biggest carmaker.

Porsche agreed to increase its stake in July as a step towards prompting a European Commission antitrust review of the transaction. A holding stake of 36 percent would practically ensure it will have a majority at VW annual meetings.

Porsche intends to increase its VW stake above 50 percent once it has won a green light from antitrust regulators around the world. It does not have to make a mandatory takeover offer for VW since it has already made a bid at the legal minimum price. (Reporting by Hendrik Sackmann; Editing by Quentin Bryar) (michael.shields@thomsonreuters.com, Reuters Messaging: michael.shields.reuters.com@reuters.net; +49 69 7565 1266))


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