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Porsche Shares Plunge As It Seeks Stage In VDub

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Guest Josh
FRANKFURT, Germany - Shares of luxury automaker Porsche AG plunged Monday, a day after the company said it planned to raise its stake in Volkswagen AG to about 20 percent.

Shares of Porsche were down 11.3 percent at $728.96 in morning trading on the Frankfurt exchange. Shares of VW were down 1.3 percent to $62.04.

On Sunday, Stuttgart-based Porsche said it would take the stake in VW in a move aimed at securing ties between the two companies and warding off any future hostile takeover of the Wolfsburg-based automaker, Europe's largest.

The two companies worked together to develop Porsche's Cayenne sport utility vehicle and Volkswagen's Touareg. They recently announced that they, along with Audi AG, were forming an alliance to develop hybrid engines.

Porsche said it was in contact with Volkswagen's management and did not plan to take over the company. Volkswagen welcomed Porsche's move, which it said supported its "independent business policy."

Porsche currently holds a stake of less than 5 percent in Volkswagen.

Source: http://www.thestate.com/mld/thestate/business/12744310.htm

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Porsche having to protect VW............interesting. I know that VW's have quality problems, but I have always seen them as fun little cars. I have never owned one (never owned a non-GM car) but know people who have and they are kind of neat. Plus, I love their dedication to the diesal engine. If I didn't own an American car, I would own a VW before ANY Japanese make. I just might have to be under the hood a bit more :lol:

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