As expected, Porsche has offered EUR100.92 per ordinary share in its mandatory takeover offer for Volkswagen.

Preference shares will attract a price of EUR65.45 euros, according to preliminary calculation.

Porsche said it now holds 30.94% of shares.

The current share price is over EUR112 euros, meaning that shareholders are unlikely to accept the offer. Porsche is offering the lowest possible price for shares because it is only making an offer because it is a mandatory requirement having increased its stake above 29.9%.

Were Porsche to launch a full takeover offer at this point it believes it would be paying a premium for shares.

Preference shares are currently trading at EUR75.5 [11:30GMT Wednesday 28 March].

By making a takeover offer now, Porsche said it will be able to increase its stake in time, when conditions suit, without having to make a full takeover offer again.