An official takeover bid by Porsche for volume carmaker
Volkswagen at a price well below market levels appears to have
failed with a week still to run, Porsche said Tuesday.
Porsche was legally obliged to lodge a buyout offer after it
lifted its stake in Volkswagen to 30.9%, passing the
30% threshold. However it has said it would be satisfied
with the present stake and the bid appeared to be an empty
As of last Friday, only 20 787 voting shares and 8 641
preference shares had been offered to Stuttgart-based Porsche. This
was less than 0.01 per cent of Volkswagen equity. The offer expires
on May 29.
The offer is priced at €100.92 per voting share and €65.54 for preference stock, well below the market rate.
Volkswagen's board advised shareholders it would not be to their
advantage to accept.