Porsche has made a mandatory offer for Volkswagen subsidiary Audi.
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The offer was being made today, according to Automobilwoche. Porsche had to make the offer since its stake in Volkswagen AG reached 35.14% on 16 September, giving it an effective majority at shareholder meetings.
Porsche chief executive Wendelin Wiedeking said then: “We see Audi as an integral part of the Volkswagen Group, and have no interest in separating the company from the rest of the group.”
Audi shareholders are being offered the minimum price that Porsche can offer legally. EUR485.83 is the weighted average three-month price of Audi shares before Porsche increased its stake in Volkswagen to give it a majority. The offer is limited to four weeks and ends on 27 October. Volkswagen has already said it will not sell its shares in 99.14% of the company. Thus the offer is really only for 0.86% of the company, or 370,000 sharesworth about EUR180m.
