The saga of Porsche’s attempts to take over Volkswagen continues. When last reported, a European court had basically given permission to the luxury marqueto go on with its takeover of VW. Workers at Volkswagen, of course,are fighting the move, fearing that their power within the company would be drastically curtailed. The state of Lower Saxony, whichowns a portion of Volkswagen, has stepped forward to try to protect workers rights and to prevent the takeover by Porsche. German law allows a local government to own shares in a private company. Now comes word that a new law has been drafted that would continue to give Lower Saxony and labor leaders veto power over major decisions by Porsche.
More details can be found at Bloomberg. Our take? Perhaps the people at Porsche thought it was certain that their total takeover was a matter of time. Well, it appears that it will be at least a little more time before the wolf devours the lamb.
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