| Two of Volkswagen's biggest shareholders
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| | with Nomura Securities in London.
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| have agreed on Wednesday to prolong the
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| | Another good news for Porsche is that
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| term of Ferdinand Piech as board
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| | the European Union's highest court last
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| chairman. The decision was rather
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| | Tuesday is nearing decision to finally
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| contradictory to the earlier plan of
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| | abolish the law that protects VW from any
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| removing VW's board chairman and finally
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| | possible takeovers. This very same ruling
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| ending a power brawl between the German
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| | if realized will serve as an opportunity
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| state of Lower Saxony and Porsche.
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| | for Porsche to finally gain control of
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| In a statement given by Premier
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| | Europe's largest automaker. The news on
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| Christian Wulff at Volkswagen's
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| | the possible eradication of the
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| headquarters in Wolfsburg, Germany, he
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| | Volkswagen law has resulted to an
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| said that the deal "means that Mr. Piech
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| | increase of Volkswagen shares by 2.17
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| and I have reached agreement on
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| | or 2.5% and closed at 88.27 which is
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| Volkswagen's future." The agreement was
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| | considered to be the highest since
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| right on timing as Piech tries to secure
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| | mid-1998.
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| his position at Volkswagen. It should be
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| | To protect also the interest of the
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| noted that Piech was also the one
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| | Lower Saxony at VW they will retain their
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| responsible for ousting Bernd
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| | current two seats at the board while
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| Pischetsrieder as chief executive in
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| | Piech's position on Volkswagen's board
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| favor of his long time protégé, Martin
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| | will be counted as one of the three held
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| Winterkon.
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| | by the sports car maker. Piech has been
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| Piech who is now 69 years old was
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| | able to get a seat at the 20 member board
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| scheduled to vacate his post in May as
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| | of Volkswagen since he was a former chief
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| head of the supervisory board at VW,
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| | executive of the company.
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| Europe's biggest automaker. But due to
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| | Piech has held the position as
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| the insistence of some shareholders
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| | Volkswagen's chief in the year 1993. He
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| including the Lower Saxony, Piech is to
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| | was responsible for saving Europe's
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| continue with his dual roles as
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| | largest automaker from bankruptcy through
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| Volkswagen's chairman and a controlling
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| | reduction of labor expenses and by
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| owner of Porsche, maker of 911 sports
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| | introducing common platforms for the
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| cars with headquarters in Stuttgart,
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| | model lines to further save costs.
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| Germany.
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| | Unfortunately, investments in the VW's
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| The plan to change Piech was drafted
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| | luxury models like Phaeton, Bugatti, and
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| last January 2006 as agreed upon by
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| | Lamborghini have not helped increased the
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| Porsche and the Lower Saxony. The board
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| | automaker's profit and even resulted in a
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| was also supposed to choose a new
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| | 39% decline in VW's stock. Piech has
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| chairman who is not affiliated in either
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| | served as VW's chief executive for four
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| one of VW's two biggest shareholders.
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| | years until April 2002.
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| Fortunately for Piech, he was backed by
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| | And as VW chairman of the board, Piech
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| Volkswagen's labor leaders who happen to
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| | has helped in building an alliance
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| hold half of the board's seats. To cut
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| | between Porsche and Volkswagen. He has
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| the story short, when voting time came,
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| | worked for Volkswagen for 30 years
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| Piech got the majority vote which helped
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| | wherein he held the chief executive
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| him to keep his position as board
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| | position for nine years and has become
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| chairman.
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| | the chairman of the board of VW since
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| Now that Porsche is firmly occupying the
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| | 2002. He is also occupies a seat on the
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| driver's seat in Volkswagen, "it will be
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| | supervisory board of Porsche.
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| interesting to see what the state of
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| | Volkswagen is Porsche's largest supplier
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| Lower Saxony does with its stake, given
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| | of automobiles and parts like the
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| it seems to no longer want to argue with
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| | Volkswagen power steering pump.
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| Porsche," said Michael Tyndall an analyst
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