Porsche buys (alot of) Volkswagen

A bit of industry news. Porsche wants to buy 20% of VW. They already own 5%, but want to expand in order to protect VW from takeovers. A takeover by a Porsche competitor (Mercedes, BMW spring to mind) may effect joint ventures like the Cayenne SUV. A further 18.2% of VW is owned by the German state of Lower Saxony.

Porsche’s stock dropped as soon as it was announced…