Porsche takeover imminent at Volkswagen?

Porsche AG today has confirmed that they have received approval from their board to increase stake in Volkswagen from 27.4 to 29.9%, just one percent shy of 30 which would require Porsche to make a formal takeover offer.

This report comes just a week after Pischetsrieder announced his resignation and a few days after rumors that Bernhard may leave Volkswagen. It's obvious that Piëch has something to do with these recent chain of events. All this may be in an effort to regain more control of Volkswagen, some of which he lost after he left as Volkswagen AG's chairman.

We shall keep a close eye on this.