Porsche buys up Volkswagen shares

German luxury sports car maker Porsche is trying to acquire majority control in Germany’s largest car maker, Volkswagen.

It is reported that Porsche has already begun buying stock options that will allow it to buy VW shares at a fixed price.

It currently holds an approximately 31-percent stake in Volkswagen.

Porsche's stake in VW rose above the 30-percent threshold in March, requiring it to make a takeover offer to all shareholders.

Less than one percent of all VW shareholders accepted what was regarded as a low offer.