The acceptance period for the mandatory offer made by Porsche to the shareholders of Volkswagen AG expired on 29 May 29 amd 172,218 ordinary shares and 68,262 preference shares – well under 1% of all VW shares – were tendered for sale to Porsche.
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Porsche’s stake in Volkswagen exceeded the 30% threshold on 28 March, triggering the mandatory offer, as required by law.
“Given that the current stock exchange price is higher than the offer price, the result was as expected. With the increase of our stake to over 30%, we have already achieved our objective of further strengthening our traditionally close relationship with Volkswagen. Along with our planned corporate restructuring, this gives Porsche an excellent position for the future,” said Porsche CEO Wendelin Wiedeking.
Porsche plans to finance the acquisition of the tendered Volkswagen shares from existing cash resources.
The completion of the mandatory offer is subject to regulatory approval not expected before the end of June.
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By GlobalDataPorsche will next seek the approval of its shareholders for the already announced corporate restructuring. This includes a transfer of Porsche AG’s operational business into a wholly-owned subsidiary and converting Porsche, which by then will be operating as a holding company, into a European corporation, “Societas Europaea (SE).”
The managing board has invited all shareholders to an extraordinary general meeting on 26 June in Stuttgart.
