Volkswagen shares leapt by 180.9% in late trading on the Frankfurt stock exchange today after Porsche said it had increased its stake in the biggest European car maker.
Porsche said that it now controlled 74.1% of the shares in Volkswagen, via a 42.6% direct equity stake and options giving it another 31.5%.
Porsche said that it still aimed to increase its direct equity stake to over 50% by the end of 2008 and that it wanted to raise this to 75% in 2009, 'provided that economic conditions allow,' according to a statement.
Previously Porsche had said it had a 35% stake. Having more than 75% would allow it to seal a so-called domination contract giving it full financial control.
