German sports car maker Porsche) has raised its voting stake in Volkswagen to 35.14 percent, a step it said gave it effective control over VW by ensuring it has a majority at shareholder meetings. Stuttgart-based Porsche described the step as a “milestone” in its long-standing plan to boost its stake in Europe's biggest carmaker above the 50 percent threshold and seize full control over the Wolfsburg-based firm. Porsche also needed to boost its stake to proceed with obtaining regulatory approval from the European Commission for a full takeover of Volkswagen. “By jumping above the 35 percent level in voting rights Porsche has taken de facto control of the Wolfsburg firm,” Porsche said. This is because shareholders representing only about 60 percent of VW's voting rights have typically been present at its annual meetings. Volkswagen shares were the top performer in the benchmark DAX index on Tuesday, trading up 6.2 percent at 219.72 euros compared with a flat European auto sector. Porsche stock was down 3.08 percent.
