The law not according to Volkswagen

Germany's infamous 'Volkswagen Law' has been deemed illegal by the European Court of Justice and could pave the way for Porsche to mount a takeover challenge. Until now, the law has prevented any shareholder in VW exercising more than 20% of their voting rights, even if they have more shares than that.

Porsche currently owns 31% of VW after a recent bout of share buying that has prompted speculation that the sports car maker is looking to take control of VW. Wendelin Wiedeking, the chief executive of Porsche, said the company has not made any definite decisions yet but was "naturally very interested in being able to fully exert its voting rights."

The same ruling by the European court said it was illegal for the German government to appoint members to the VW board. The German government has accepted this ruling and said it will change accordingly. However, the German state of Lower Saxony stays as VW's second largest shareholder and retains its 20.3% interest in the car company.

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