Piëch would find the Saxon barrier quite unfathomable
Evidently not. In Germany (Volkswagen’s home country), a minimum of 80% stake is required to pass majority resolutions in general meetings. Worse, the state of Lower Saxony, VW’s home state, is against the idea. The reasons are not far to find. At a recent meeting between the top management of both the companies, workers protested the Porsche move on the grounds that a takeover would eventually reduce VW’s pro- worker polices and therefore labour interests will be adversely affected.
And why should the Saxons matter? To Porsche’s horror, it comes to light now that the state has a blocking 20.1% stake in the company. That means that even if Porsche tries to buy up smaller investors, there is least likelihood of it ever reaching the magical 80% figure. Before Piëch thinks of steamrolling the Saxons into submission, we’d like to mention... Sir, the last time the Saxons got defeated in a war was in the 8th century AD!
Evidently not. In Germany (Volkswagen’s home country), a minimum of 80% stake is required to pass majority resolutions in general meetings. Worse, the state of Lower Saxony, VW’s home state, is against the idea. The reasons are not far to find. At a recent meeting between the top management of both the companies, workers protested the Porsche move on the grounds that a takeover would eventually reduce VW’s pro- worker polices and therefore labour interests will be adversely affected.
And why should the Saxons matter? To Porsche’s horror, it comes to light now that the state has a blocking 20.1% stake in the company. That means that even if Porsche tries to buy up smaller investors, there is least likelihood of it ever reaching the magical 80% figure. Before Piëch thinks of steamrolling the Saxons into submission, we’d like to mention... Sir, the last time the Saxons got defeated in a war was in the 8th century AD!
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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