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Porsche gives no clues on its plans for VW

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Porsche gives no clues on its plans for VW

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Luxury carmaker Porsche has given little away about its plans for Volkswagen during its annual news conference. It has become VW’s largest shareholder, but Chief Executive Wendelin Wiedeking said he was unable to give “conclusive answers” on Porsche’s intentions.

In the last few weeks there been much media speculation that Porsche is planning a takeover of Europe’s biggest carmaker. Having invested four billion euros, it currently owns 27.4% of VW’s shares, but last month said it intends to raise its stake to 29.9%. Under German law it would have to launch a full takeover bid if it goes above that level.

The takeover speculation has been fuelled by Porsche’s plans to sell more shares to raise almost eight billion euros which it could then use for acquisitions. Porsche also reported that sales between August and November edged up just 0.4% while revenue in the same period was up 0.7%. Porsche said it does not anticipated significant sales growth before the release of its new model -the Panamera – in 2009.