Monday, September 26, 2005

Volkswagen Welcomes Porsche's Interest in a Strategic Participation

Text from Volkswagen AG.
Germany’s position as an automotive and technology basis strengthened

WOLFSBURG, Germany - Porsche AG, Stuttgart, today announced its interest in acquiring some 20 percent of the voting capital of Volkswagen AG.

For Porsche, the move is motivated by the fact that Volkswagen has not only become an important development partner, but also a major technology and production partner for some 30 percent of sales.

Speaking on behalf of the Board of Management of the Volkswagen Group, its Chairman Dr. Bernd Pischetsrieder welcomed the strategic interest of Porsche AG in participating in the company. He said a stable shareholder structure was very important for the automotive business with its long term orientation.

Volkswagen and Porsche have already been cooperating on projects such as the Touareg/Cayenne for quite some time. The partners recently announced technological cooperation in the field of hybrid powertrains at the International Motor Show (IAA) in Frankfurt. Volkswagen welcomes the additional support brought to this cooperation by a participation which lends further weight to these collaborative efforts.

The participation envisaged by Porsche also substantiates one of the Volkswagen Group’s own business policies; for the automotive business with its long term orientation, a stable shareholder structure is very important.

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