Regulators say Porsche can take control of Volkswagen

Porsche SE won European antitrust clearance Wednesday to take control of Europe's biggest car maker, Volkswagen AG. The decision may add pressure on the German state of Lower Saxony to relinquish its veto rights over VW decisions. Porsche is Volkswagen's biggest shareholder with more than 30 percent of its shares. It has said it is confident that it can continue building up its stake. The commission saw no problems nor any issues for car parts suppliers or car showrooms because the two companies focus on different parts of the car market. Porsche make sports cars and sports utility vehicles while Volkswagen produces a wide range of passenger cars and commercial vehicles. The European Commission made no mention of a dispute over a nearly 50-year law that an EU court ruled illegal last year. The European Court of Justice said... [read full story]