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VW takeover will not affect Herndon office
Volkswagen Group of America says an attempt by fellow German automobile manufacturer Porsche to become a majority shareholder in its parent company will have no effect on its corporate headquarters in Herndon.
In March, Porsche executives gave the go-ahead for their company to become the majority stockholder in Volkswagen.
“Our aim is to create one of the strongest and most innovative automobile alliances in the world, which is able to measure up to the increased international competition,” Dr. Wendelin Wiedeking, CEO of Porsche SE, said in a release.
He went on to say that as a result of the decision, Volkswagen and Porsche will, in the future, “be able to write a new chapter in automobile history, working together in a partnership based on fairness and collegiality.”
Last month, Porsche suffered a setback in its plans when European antitrust authorities made the manufacturer refile for regulatory approval.
The German state is currently Volkswagen's second largest stockholder and, as such, makes any potential takeover somewhat laborious due to a 1960 law giving the government power to at least temporarily postpone such an action.
If the takeover is eventually successful, employee representatives from the Volkswagen Group would become members of the supervisory board of Porsche.
“Our aspiration to become the majority shareholder of Volkswagen is good news for the employees of the Volkswagen Group and of Porsche. The decision of the Supervisory Board secures the long-term future of both companies,” Wiedeking said. “It is not planned to merge the two companies.”
Jill Brettina, spokesperson for Volkswagen Group of America, told The Times that Volkswagen Group of America welcomes the action and that it will not affect the company's corporate headquarters, 200 Ferdinand Porsche Drive, in Herndon.
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