The German sports car maker, Porsche, has launched its mandatory takeover bid for Volkswagen with a slightly higher offer than expected. Porsche is already the largest shareholder in VW, and was forced to make the bid after its voting stake in the company exceeded 30 per cent in March – but it has made it clear that it is not going for full control.
Porsche is offering 100.92 euros per ordinary VW share – roughly what was expected – but 65.54 euros per preference share, and that is more than had been envisaged. The bid values VW – which is Europe’s biggest car manufacturer – at nearly 36-billion euros.
Volkswagen has not commented on the deal, but Porsche said it would rather move now, than be forced to make further mandatory takeover offers in the future. More than 50 per cent of VW is owned by the sports car giant and the German State of Lower Saxony.