Porsche bidding for Volkswagen

According to a report in the International Herald Tribune, Porsche, the German sports-car maker is going to make a takeover bid for Volkswagen, Europe's largest carmaker.

In order to do this Porsche will increase it's existing stake in Volkswagen to 31% from 27.3%, because German law requires a company to own more than 30% of shares before it can make a takeover bid.

Previously, the two companies had collaborated in the making of the VW Touareg and the Porsche Cayenne.

Read the full report here.

Tags: Porsche Volkswagen Porsche Cayenne VW Touareg