Volkswagen AG is a gold mine, but "you have to dig day and night," says Porsche AG CEO Wendelin Wiedeking.
With a 27.4 percent stake in VW, Porsche has a major interest -- a 4 billion euro investment, or $5.2 billion at current exchange rates -- in the automaker and stands to benefit from a stock price increase. Porsche is expected to increase its share of VW to 29.9 percent but doesn't want to "take over" Volkswagen or merge, says Wiedeking.
Wiedeking says he won't seek control beyond his responsibilities on the supervisory board. He is lobbying for another Porsche seat on the 20-member board -- the German equivalent of a board of directors. Porsche already has two seats.
"We want to keep Porsche completely independent of all VW brands" says Wiedeking.
Read Article