GERMANY: Porsche presents mandatory offer to VW shareholders
Porsche has today presented its mandatory offer to Volkswagen shareholders.
The offer price stands at 100.92 euros per ordinary share and 65.45 euros per preference share. The offer deadline is 29th May.
The offer is being overseen by the German stock exchange authority - BaFin.
At the end of March Porsche increased its stake in Volkswagen to over 30%, forcing it to make a mandatory takeover offer for the company. Porsche said at the time that it does not expect its offer to be high enough for shareholders to take up, and that it is only making the offer to comply with regulations. This morning, Porsche ordinary shares were trading at almost 112 euros this morning, and preference shares at 75 euros.
The company also said that by making the offer now, it would not be obliged to make another offer if it increased its stake further in the future.