Porsche says it now controls Volkswagen

BERLIN -- Porsche Automobil Holding previously held a 31% stake and has said it planned to raise that to a majority holding. It said in a statement that it acquired an additional 14.4 million ordinary VW shares Tuesday — taking its share of voting rights to 35.14%.

Porsche says that as a result, Volkswagen has become a Porsche subsidiary under the provisions of German securities laws. Porsche's ordinary shares are not listed on any stock exchange.