German carmaker Porsche has taken over Europe’s biggest auto company Volkswagen by acquiring more than 50 per cent shares of the company. With this move, Porsche, a family-run company which makes 100,000 premium sports cars every year has taken over a company whose annual production exceeds 5 million cars. Porsche plans to increase its stake in VW to 75 per cent by the end of the year 2009. A 75 per cent ownership would give Porsche full financial control over VW. The Managing Director of Porsche India, Rod Wallace, said that the acquisition will not affect the functioning of either company in India. Both Porsche and VW will continue to operate as separate brands.
