Porsche said on Friday its term of acceptance for the mandatory offer from Porsche Automobil Holding SE to the shareholders of Audi AG expired last Monday, 27 October, 2008.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
“With 176,547 shares, Porsche was offered approximately 0.4% of Audi shares to purchase. The costs of the acquisition of these shares with a value of around EUR86m will be paid by Porsche SE from its available liquidity,” the company said in a statement.
On September 16, 2008, Porsche increased its stake in Audi parent company Volkswagen AG, to 35.14% of common stock, thus obtaining de facto control of the Wolfsburg corporate group.
As a result of the altered distribution of ownership, Porsche was legally obliged to make a formal mandatory offer for Audi.
“However, Porsche sees Audi as an integral part of the Volkswagen Group and therefore did not intend to acquire any Audi stock as a result of the mandatory offer,” it said.
“The offer was thus based on the legally permissible minimum price. Porsche has offered Volkswagen AG to purchase the shares tendered as a result of the mandatory offer.”
