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Porsche's VW plot fails

2007-05-23 14:17
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 formality.

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.

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