In a strange twist of fate it seems that after Porsche’s owner families have agreed to the merger to the vans giant Volkswagen, that a controversial clauses of a law protecting Volkswagen from hostile takeovers would be absorbed into the by-laws of Europe’s biggest carmaker itself.
The agreement was reached with the federal state of Lower Saxony, which currently owns the blocking stake of 20 percent in the Volkswagen Porsche deal.
The pact with Lower Saxony would ensure the federal state, home to Volkswagen’s headquarters and biggest plant, retains its blocking minority status regardless of the fate of the so-called Volkswagen Law, Der Spiegel said.
Porsche had previously sided with the EU Commission’s stance on the Volkswagen Law while building up a 75 percent stake in VW but the sports car maker in the meantime had agreed to merge with Volkswagen.
How stange.
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