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Germany: Take down the auto wall
For nearly 50 years, Germany has shielded automaker Volkswagen from a takeover.
That protections may be over today. The European Union's highest court has ruled that Germany's shield law is illegal. This ruling has another German carmaker -- Porsche -- revving its engines. Porsche already owns about 31 percent of VW, but under Germany's law, its voting share had been limited to 20 percent. Porsche has been buying VW shares for at least two years and maintains a credit line as it looks to purchase the giant Volkswagen.
Posted on October 23, 2007 5:12 AM PT | Permalink
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