Porsche SE Presses Volkswagen

StuttgartVolkswagen’s controlling family broke board silence.

Porsche SE holds 31.9% of Volkswagen; under Germany’s co-determination system, labor and Lower Saxony’s blocking stake already vetoed factory-closure plans in July.

Blume’s plan for 50,000 layoffs and four plant closures still needs union and state approval.

Sources: Bloomberg Business, RTE.ie