Porsche increases its stake in Volkswagen

STUTTGART, Germany - Porsche said Tuesday that it has again slightly increased its share in fellow German automaker Volkswagen AG, in which it plans to take a majority before the end of the year.

Porsche Automobil Holding SE already is Volkswagen's biggest shareholder and said last month it had increased its stake to just over 35 percent - giving it effective control over Europe's biggest car maker, with a majority at the company's annual general meetings.

Spokesman Albrecht Bamler said Porsche has now bought a small parcel of Volkswagen shares off-market, "significantly under the current market price."

He did not say by exactly how much Porsche's overall percentage stake in Volkswagen has risen, but said it was in the "low single-figure" region.

Porsche CEO Wendelin Wiedeking said last week that his company plans to lift its VW stake above the 50 percent mark before the year's end.

Volkswagen shares, which spiked by as much as 42 percent during Tuesday's trading session in Frankfurt, closed down 1.8 percent at 287 euros ($390.08). Porsche shares closed up more than 2.6 percent at 58 euros ($78.83).