Porsche buys 1.5% of VW shares from Suzuki

Porsche SE says it is buying 1.5 per cent of Volkswagen AG ordinary shares from Suzuki.

German car maker Porsche SE says it is buying 1.5 per cent stake of ordinary shares in Volkswagen AG from Suzuki.

The purchase raises Porsche's share of Volkswagen AG's ordinary shares to 52.2 per cent, and its stake in VW's subscribed capital to 32.4 per cent.

The move comes days after Volkswagen was hit by a scandal over allegedly rigged US emissions tests in diesel vehicles.

Porsche said in a statement on Saturday that it considers the purchase "as a strong commitment to its core investment and emphasises its role as an anchor shareholder" in Volkswagen.