LDV files for administration

Birmingham based van maker LDV applied for administration. 800 jobs at its Birmingham factory and another 1,200 in various dealerships are at stake.

However, the interesting news is that Malaysian investor Westar is said to be in advanced talks to take control of the company. If that happens, it will become the second British automobile company to be taken over by the Malaysians. The first was Lotus which was taken over by Proton in 1996.

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