Porsche first submitted an offer to acquire its remaining shares of Volkswagen back in April. The offer came after Porsche increased its shares in Volkswagen to 30.9 percent, making it mandatory under German law for Porsche to launch a takeover for all outstanding shares.
Volkswagen management later rejected the bid by Porsche saying that “the value of Volkswagen shares is superior to the price offered.” Well now Porsche is trying again.
According to Reuters, Porsche has asked the European Commission for permission to take over Volkswagen. The Commission has until July 2 to consider whether the deal should go through or require further investigation.
Porsche previously offered Volkswagen€100.92 ($137.78) per common share and €65.54 ($89.47) per preferred share, which represented the minimum price required by law. The price was well below Volkswagen current value of €111-€112.
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