European Union wrests Volkswagen from Porsche. Again

In March, the board of directors of Porsche had approved plans to take over majority control of Volkswagen. The transaction has been nothing but trouble for the once-amicable twosome as both sides clash over their combined destines.

The newest player is the European Union. Regulators with the EU have extended their anti-trust review of Porsche’s takeover Volkswagen by five weeks. We guess they had to do so because Germany recently passed a law favoring the continuation of Lower Saxony on VW's board of directors. The Saxony directors have consistently used their position to veto any attempt by Porsche to buy VW.

Our take? Porsche and VW's rivals would be laughing their heads off at Europe's largest automaker's predicament if they weren't so affected by the current economy and gas prices.

via Bloomberg