FRANKFURT -- Porsche has bought a additional 8.27-percent stake in Volkswagen, making it VW's largest shareholder once the transaction is completed before the end of October. Together with its current interest of 10.26 percent, the Stuttgart-based firm would control 18.53 percent of Europe's largest carmaker, Porsche said on Friday.
It added that it has hedged against a rising stock price for VW and could acquire another 3.4 percent over the market. The purchase would not give Porche a bigger say because VW caps any shareholder's voting rights at 20 percent.
Nevertheless, it could help Porsche secure three of the 20 seats on VW's supervisory board, chaired by Ferdinand Piech.
This would give it a heavier weight on the board than the German state of Lower Saxony, which controls 18.2 percent of VW voting rights.
Porsche, part owned by Piech, had recently stated its intention to take a 19-percent voting rights stake in Volkswagen.
The maker of high-performance sports cars such as the 911 Carrera coupe also said that the German federal cartel office had approved Porsche's plans to acquire the stake.