Tuesday, March 27, 2007
Porsche raises VW stake to 30.9%
AS PREDICTED, Porsche has raised its holding in Volkswagen to 30.9%.
The purchase triggered a mandatory takeover offer under German law, but as the sports car-maker is offering only the minimum price required by law for the remaining shares in Volkswagen, there will be few accepting the offer.
Porsche boss, Wendelin Wiedeking, said the move was to stop hedge funds dismantling VW.
The completion of the latest share acquisition is expected to take place on Wednesday.
Volkswagen shares fell 4.8% on the news. Porsche shares gained more than 3%.
DATED: 27.03.07
FEED: AW
The purchase triggered a mandatory takeover offer under German law, but as the sports car-maker is offering only the minimum price required by law for the remaining shares in Volkswagen, there will be few accepting the offer.
Porsche boss, Wendelin Wiedeking, said the move was to stop hedge funds dismantling VW.
The completion of the latest share acquisition is expected to take place on Wednesday.
Volkswagen shares fell 4.8% on the news. Porsche shares gained more than 3%.
DATED: 27.03.07
FEED: AW
