March 19, 2019 / 9:27 AM / 3 months ago

Porsche SE says it raised voting rights share in Volkswagen

A Porsche logo is displayed at the 89th Geneva International Motor Show in Geneva, Switzerland March 5, 2019. REUTERS/Pierre Albouy

Stuttgart (Reuters) - Porsche SE, the holding company controlling Germany’s Volkswagen, on Tuesday said it raised its voting rights share in the carmaker to 53.1 percent from 52.2 percent.

“We continue to believe that Volkswagen group has a significant potential to increase its value and that its current capital market valuation does not reflect this,” Porsche SE’s CEO Hans Dieter Poetsch, who is also the chairman of VW’s supervisory board, said.

He added that Porsche SE would increase its dividend by 26 percent, to 2.21 euros ($2.51) per share and that the company expected a net income of 3.4 to 4.4 billion euros in 2019.

Reporting by Ilona Wissenbach; Writing by Tassilo Hummel; Editing by Riham Alkousaa

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