PARIS (AP) -- Porsche plans to increase its stake in fellow German car maker Volkswagen AG to more than 50 percent before the end of this year, the company's chief executive said Thursday.
Porsche Automobil Holding SE already is Volkswagen's biggest shareholder and said earlier this year that it intends to take a majority holding.
"We will go above 50 percent this year," Porsche CEO Wendelin Wiedeking said at the Paris Motor Show. He said the current financial market turmoil would not affect the plan — "we have prepared for this for a long time."
Wiedeking did not elaborate on when exactly Porsche plans to raise its stake to a majority.
On Sept. 16, Porsche increased its stake in Volkswagen to just over 35 percent and said it had gained effective control over Europe's biggest car maker, ensuring itself of a majority at the company's annual general meetings.