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Porsche bids for Volkswagen

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Well.. it was bound to happen sooner or later. Porsche has been steadily investing in a larger stake in VW for a while now, and once they passed the 30% ownership, German law dictates that they put in a bid to VW shareholders to take over control and buy VW outright. It's up to VW shareholders to either accept or reject the offer. Full press release after the jump.


 

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PRESS RELEASE:

Porsche submits mandatory offer for Volkswagen shares

Dr. Ing. h.c. F. Porsche AG, Stuttgart, Germany, submitted its mandatory offer to acquire shares of Volkswagen AG, Wolfsburg, Germany, on this Monday after the offer documentation was officially approved by the Federal Agency for Financial Services Supervision (BaFin) for publication. The acceptance period is limited to approximately four weeks and ends on May 29, 2007. The price offered to the Volkswagen shareholders amounts to 100.92 per common share and 65.54 per preferred share, which represents the minimum price required by law. Porsche does not consider a premium on the minimum price to be appropriate, as the price of Volkswagen shares has risen significantly since the Stuttgart-based sports car manufacturer took an interest in the company. The mandatory offer, which is not conditional upon attainment of a minimum acceptance level, can be found on and downloaded from the Porsche website at www.porsche.com/germany/aboutporsche/investorrelations/.

Porsche bids for Volkswagen

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